Check Point Software Technologies Ltd (CHKP) 2025 Q4 法說會逐字稿

(audio in progress) (Event Instructions)

（音訊播放中）（活動說明）

During this presentation, Check Point's representatives may make forward-looking statements. Forward-looking statements generally relate to future events or our future financial and/or operating performance, including statements related to the anticipated ratification of the Israeli government Research and Development Incentive Program and potential impact of these grants on our financial results.

在本次演示過程中，Check Point 的代表可能會發表前瞻性聲明。前瞻性陳述通常與未來事件或我們未來的財務和/或營運績效有關，包括與預期批准以色列政府研發激勵計畫以及這些撥款對我們財務表現的潛在影響相關的陳述。

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件發布之日的信息，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 a reconciliation of such results as well as the reasons for our presentation of non-GAAP information. If you have any questions after the call, please feel free to contact Investor Relations by e-mail at kip@checkpoint.com.

我們在網站上發布的新聞稿中，列出了 GAAP 和非 GAAP 結果，以及這些結果的調整表和我們列出非 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。

And now I'd like to turn the call over to Nadav for (technical difficulty).

現在我想把電話交給納達夫。（技術難題）

Thank you, Kip. It's great to be with everyone here today. I want to begin with a recap of 2025, followed by our plans for 2026 and beyond. We printed solid 2025 fourth quarter and full year results. During the year, we delivered consistent execution while building a stronger foundation for our long-term sustainable growth. We expanded our platform with two new pillars: security for AI and exposure management. We're building both organically and through targeted acquisitions.

謝謝你，基普。今天能和大家聚在一起真是太好了。我想先回顧一下 2025 年的情況，然後再談談我們對 2026 年及以後的計劃。我們公佈了2025年第四季和全年的穩健業績。這一年中，我們維持了穩定的執行力，同時為長期永續發展奠定了更堅實的基礎。我們透過兩個新的支柱擴展了我們的平台：人工智慧安全和風險暴露管理。我們正在透過自身發展和有針對性的收購來實現成長。

We also strengthened our go-to-market engine. We expanded and flattened our C-suite structure and aligned it to our operating model. We're laser-focused on strategic customers, new logo acquisition and partner leverage. And our sales are focused and designed to develop deeper enterprise penetration, a broader portfolio adoption and increased new logo wins.

我們也加強了市場推廣能力。我們擴展並扁平化了高階主管結構，並使其與我們的營運模式保持一致。我們專注於策略客戶、新客戶獲取和合作夥伴資源。我們的銷售策略旨在更深入滲透企業市場，更廣泛地採用產品組合，並贏得更多新客戶。

We also enhanced our financial flexibility with a $2 billion zero coupon convertible notes offering, strengthening our balance sheet and creating the capacity to invest in our highest conviction priorities. Looking ahead to 2026 and beyond, we are positioning the company to lead the AI era of cybersecurity.

我們也透過發行 20 億美元的零息可轉換債券增強了財務靈活性，從而加強了資產負債表，並創造了投資於我們最重視的優先事項的能力。展望 2026 年及以後，我們將公司定位為引領人工智慧時代的網路安全領導者。

As you're keenly aware, AI is fundamentally changing the threat landscape, and this requires organizations to revisit their core security assumption and revalidate their security foundations. In fact, decades of corporate infrastructure is now vulnerable because the very nature of attacks is changing.

正如您所深刻認識到的，人工智慧正在從根本上改變威脅情勢，這就要求各組織重新審視其核心安全假設並重新驗證其安全基礎。事實上，由於攻擊的本質正在發生變化，數十年來企業基礎設施的脆弱性如今已不堪一擊。

And so security leaders must revalidate their existing security foundations, protect new attack surfaces that are driven by the adoption of new capabilities and tools as well as embrace AI as a force multiplier just to remain competitive.

因此，安全領導者必須重新驗證其現有的安全基礎，保護因採用新功能和工具而產生的新攻擊面，並將人工智慧視為一種力量倍增器，才能保持競爭力。

And our mission at Check Point is very clear. We secure our customers' AI transformation. That means we continuously update our existing security solutions to defend against evolving threats. We're securing the expanding AI-driven attack surface with purpose-built capabilities and leveraging AI to simplify and automate security management and operations.

Check Point 的使命非常明確。我們為客戶的AI轉型保駕護航。這意味著我們會不斷更新現有的安全解決方案，以抵禦不斷演變的威脅。我們正在利用專門建構的功能來保護不斷擴大的 AI 驅動的攻擊面，並利用 AI 來簡化和自動化安全管理和營運。

And we do this by applying a proactive prevention-first approach, which leverages our superior capabilities and continuously research, discover and build solutions to anticipate the evolving threats.

我們採取積極主動的預防優先方法來實現這一目標，利用我們卓越的能力，不斷研究、發現和建立解決方案，以預測不斷變化的威脅。

We secure our customers' AI transformation through four strategic solution pillars, each one of them a platform of its own. Hybrid mesh network security, securing the infrastructure; workspace security, securing the employees; exposure management that provides situational awareness; and then finally, AI security across all of these pillars.

我們透過四大策略解決方案支柱來保障客戶的 AI 轉型，每個支柱本身就是一個平台。混合網狀網路安全，保障基礎設施安全；工作空間安全，保障員工安全；暴露管理，提供態勢感知；最後，人工智慧安全貫穿所有這些支柱。

We secure the hybrid mesh infrastructure across data centers, hybrid cloud, branch and SASE. And we have a very clear market differentiation for hybrid mesh. And our advantages are we have the superior proactive prevention, second to none, a hybrid architecture that optimizes user experience at the edge, an unparalleled ability to scale and then finally, an AI-powered unified management.

我們確保跨資料中心、混合雲、分公司和 SASE 的混合網狀基礎設施的安全。我們在混合網片方面有著非常明顯的市場差異化優勢。我們的優勢在於：我們擁有首屈一指的卓越主動預防能力、優化邊緣使用者體驗的混合架構、無與倫比的擴展能力，以及人工智慧驅動的統一管理。

As you know, AI is embedded everywhere. And so that the attacks can originate from everywhere, from anywhere. And so we're building an integrated and unified workspace platform that's spanning across devices, browser, e-mail SaaS applications and remote access. We believe that our recognized leadership position in e-mail security and superior phishing prevention capability is a springboard to lead the way in exposure management.

如你所知，人工智慧已經無所不在。因此，攻擊可以來自任何地方。因此，我們正在建立一個整合統一的工作空間平台，該平台涵蓋各種設備、瀏覽器、電子郵件 SaaS 應用程式和遠端存取。我們相信，我們在電子郵件安全領域公認的領導地位和卓越的網路釣魚防範能力，將成為我們在風險暴露管理領域引領潮流的跳板。

Managed Service Providers, or MSPs also represent an important opportunity in the Workspace security pillar. We identified Rotate as a provider of a comprehensive platform purpose-built for MSPs. We acquired the team of Rotate to build momentum in the MSP market, leverage our position as a leading MSP e-mail security provider.

託管服務提供者 (MSP) 也代表著工作空間安全領域的一個重要機會。我們發現 Rotate 是一家為 MSP 量身打造的綜合平台供應商。我們收購了 Rotate 團隊，以增強我們在 MSP 市場的勢頭，並利用我們作為領先的 MSP 電子郵件安全提供者的地位。

Next, we established exposure management as a new strategic pillar, and we believe we're uniquely positioned to expand our market share in the coming few years. Security teams are challenged by the overwhelming volumes of vulnerability, disconnected intelligence, shrinking remediation windows. And in an AI-driven threat landscape, weeks-long resolution cycle for critical vulnerabilities are no longer viable.

接下來，我們將風險敞口管理確立為一個新的策略支柱，我們相信，在未來幾年內，我們將擁有獨特的優勢來擴大市場份額。安全團隊面臨著大量漏洞、分散的情報和不斷縮短的補救窗口的挑戰。在人工智慧驅動的威脅環境下，針對關鍵漏洞耗時數週的解決週期已不再可行。

At Check Point, we deliver real-time situational awareness unified across threat intelligence, attack surface visibility, providing context and automated remediation. Today, I'm also excited to announce the acquisition of Cyclops, a cyber asset attack surface management company that brings AI-driven asset discovery to enable accurate vulnerability context and risk prioritization.

Check Point 提供即時態勢感知，將威脅情報、攻擊可見度、情境資訊和自動修復功能統一起來。今天，我還很高興地宣布收購 Cyclops，這是一家網路資產攻擊面管理公司，它利用人工智慧驅動的資產發現技術，實現準確的漏洞上下文和風險優先排序。

Cyclops strengthens our exposure management platform and delivers robust CTAM offering that includes threat intelligence, vulnerability scut scanning and prioritization and at the end of the day, also actionable and safe remediation.

Cyclops 增強了我們的風險敞口管理平台，並提供了強大的 CTAM 產品，其中包括威脅情報、漏洞掃描和優先排序，以及最終可操作且安全的補救措施。

And finally, as organizations rush to adopt AI, just to remain relevant, this breakneck pace of AI adoption prevents many new risks to organization. We get data leakage via prompts, the uploading of sensitive data, AI threats like jailbreaking or model inversion. And lastly, agents with uncontrolled autonomy, sometimes acting beyond their scope.

最後，隨著各組織爭相採用人工智慧以保持競爭力，這種人工智慧快速普及的速度也為組織避免了許多新的風險。我們透過提示、上傳敏感資料、人工智慧威脅（如越獄或模型反轉）等途徑獲得資料外洩。最後，還有擁有不受控制的自主權的代理人，他們有時會超越自身權限行事。

AI security is a foundational pillar of our strategy. Our comprehensive AI security stack protects employee usage, enterprise application, agents and models. Late last year, we made the acquisition of Lakera to deliver runtime protection across AI applications and agents based on an industry-leading foundational model. You know that this is evolving faster than anything we've ever seen and requires design partnerships and open gardner and the ability to track and acquire the innovators.

人工智慧安全是我們策略的基石之一。我們全面的 AI 安全系統可保護員工使用、企業應用程式、代理商和模型。去年底，我們收購了 Lakera，旨在基於業界領先的基礎模型，為 AI 應用程式和代理商提供運行時保護。你知道，它的發展速度比我們以往見過的任何事物都要快，它需要設計合作夥伴關係、開放的園丁以及追蹤和獲取創新者的能力。

And so today, I'm happy to announce the acquisition of Siyata, specializing in discovering and understanding and ultimately governing autonomous AI agents. Siyata extends our platform by protecting the emerging AI workforce, enabling organizations to safely accelerate their AI transformation.

因此，今天我很高興地宣布收購 Siyata，該公司專門從事發現、理解並最終控制自主人工智慧代理。Siyata 透過保護新興的 AI 人才隊伍來擴展我們的平台，使組織能夠安全地加速其 AI 轉型。

In summary, 2025, as you know, my first year as CEO of Check Point. During the year, we strengthened our leadership team. We improved our go-to-market execution and enhanced our financial flexibility, all while delivering solid results. I believe during my first year, we built a foundation that positions us to accelerate our growth over the next few years.

總之，如你所知，2025 年是我擔任 Check Point 執行長的第一年。年內，我們加強了領導團隊。我們改善了市場推廣執行力，增強了財務彈性，同時也取得了穩健的績效。我相信，在我任職的第一年，我們打下了堅實的基礎，這將使我們能夠在未來幾年加速發展。

And looking ahead, our strategy is focused and aligned. Organizations around the world are accelerating adoption, and our mission is to secure their AI transformation. Through our four strategic pillars, we are addressing the expanding AI-driven attack surface and bringing critical innovation to customers. The recent acquisition of Cyclops, Siyata and Browthase Talent further enhance our capabilities in exposure management, AI security and workspace. And these acquisitions strengthen our competitive position and ultimately support our long-term growth ambitions.

展望未來，我們的策略目標明確、方向一致。世界各地的組織都在加速採用人工智慧技術，而我們的使命是確保他們的人工智慧轉型。我們透過四大策略支柱，應對不斷擴大的人工智慧驅動型攻擊面，並為客戶帶來關鍵創新。最近收購 Cyclops、Siyata 和 Browthase Talent 進一步增強了我們在風險敞口管理、人工智慧安全和工作空間方面的能力。這些收購增強了我們的競爭地位，並最終支持了我們的長期成長目標。

We're executing with discipline, investing behind our highest conviction opportunities and driving greater value for customers, partners and shareholders in 2026 and beyond. And with that, I'll turn to Roei Golan on to address our financials.

我們將以嚴謹的態度執行計劃，投資於我們最有信心的機會，並在 2026 年及以後為客戶、合作夥伴和股東創造更大的價值。接下來，我將請羅伊‧戈蘭來談談我們的財務狀況。

Thank you, Nadav. One moment. Can you see my slides?

謝謝你，納達夫。稍等片刻。你看得到我的幻燈片嗎？

Yes.

是的。

Great. Okay. So thank you, Nadav, and thank you, everyone, for joining the call. As Nadav said, we had a solid -- fourth quarter was a solid quarter with 6% growth in revenues, driven by 11% growth in our subscription revenues. Our revenues reached $745 million and were $1 million above the midpoint of our projections. Our non-GAAP EPS was $3.40 per diluted share and exceeded our guidance.

偉大的。好的。所以，謝謝納達夫，也謝謝大家參加這次電話會議。正如納達夫所說，我們在第四季表現穩健，營收成長了 6%，這主要得益於訂閱收入成長了 11%。我們的收入達到 7.45 億美元，比我們預測的中點高出 100 萬美元。我們的非GAAP每股收益為3.40美元（稀釋後），超過了我們的預期。

The figure includes a one-time tax benefit of approximately $0.52 related to a reduction in our corporate tax rate in Israel that impacted prior periods income taxes and also updates into our tax reserves. Excluding the one-time benefit, EPS exceeded the top end of our projection by approximately $0.08.

該數字包含約 0.52 美元的一次性稅收優惠，這與我們以色列公司稅率的降低有關，該降低影響了以前期間的所得稅，並且還更新了我們的稅務儲備。不計一次性收益，每股收益比我們預測的上限高出約 0.08 美元。

As for the full year, our revenues reached $2.725 billion and were $5 million above the midpoint of our original projections. Our non-GAAP EPS was $11.89 per diluted share and exceeded our guidance. This figure includes a tax benefit of approximately $1.90 related to a reduction in our corporate tax rate that impacted prior year income taxes and uplift in our tax results also due to the tax settlement that we announced last quarter.

全年來看，我們的收入達到 27.25 億美元，比我們最初預測的中點高出 500 萬美元。我們的非GAAP每股收益為11.89美元，超過了我們的預期。該數字包含約 1.90 美元的稅收優惠，這與我們公司稅率的降低有關，該降低影響了上一年的所得稅，並且由於我們上個季度宣布的稅務和解協議，我們的稅務業績也有所提升。

Excluding one-time benefit, EPS exceeded the midpoint of our projection by approximately $0.09. As mentioned, our revenues grew by 6% year-over-year, while deferred revenues grew by 9% to $2.18 billion. It is important to note that our product revenues growth was moderated in the quarter, mainly as a result of our subscription price increase that we announced in July 2025, which shifted a larger portion of bundled hardware deals towards subscription.

剔除一次性收益後，每股收益比我們預測的中位數高出約 0.09 美元。如前所述，我們的營收年增 6%，遞延營收成長 9% 至 21.8 億美元。值得注意的是，本季我們的產品收入成長有所放緩，這主要是由於我們在 2025 年 7 月宣布提高訂閱價格，導致捆綁硬體交易的更大比例轉向訂閱模式。

This resulted in a headwind of $6 million to our product revenues in this quarter as we allocated relatively smaller product component without changing overall deal value. We do expect to see this impact also in Q1 of approximately $4 million to $5 million on our product revenues. We expect the benefits of this strategy to increasingly materialize in subscription revenue during Q1 and throughout 2026, while also the product price increase that we have effectively from 1/1/2026 of 5%, expect to support our product growth primarily from the second quarter of 2026.

由於我們在不改變整體交易價值的情況下分配了相對較小的產品部分，導致本季我們的產品收入減少了 600 萬美元。我們預計第一季產品收入也將受到約 400 萬至 500 萬美元的影響。我們預計，該策略的益處將在 2026 年第一季及全年逐步體現在訂閱收入中，同時，從 2026 年 1 月 1 日起，產品價格將上漲 5%，預計這將主要從 2026 年第二季開始支持我們的產品成長。

When we are looking on our calculated billings, they totaled to $1.039 billion, reflecting an 8% year-over-year growth, while our current calculated billing grew by 6%. Our Remaining Performance Obligation, RPO grew by 8% to $2.7 billion. On an annual perspective, our revenue grew by 6% year-over-year, while our calculated billing grew by 9% to $2.9 billion.

當我們查看我們計算出的帳單時，總額為 10.39 億美元，年增 8%，而我們目前的計算帳單增加了 6%。我們的剩餘履約義務（RPO）成長了 8%，達到 27 億美元。從年度角度來看，我們的營收年增了 6%，而我們計算出的帳單金額增加了 9%，達到 29 億美元。

Our current calculated billing totaled to $2.784 billion, reflecting a 6% growth year-over-year. When we are looking on our recurring calculated billing, which represents the calculated billing from subscription and maintenance and update, this grew by 10% year-over-year.

我們目前的計算帳單總額為 27.84 億美元，年增 6%。當我們查看經常性計算帳單時（即訂閱、維護和更新的計算帳單），該帳單年增了 10%。

As we mentioned, our growth this quarter was driven by our subscription revenues. We continue to experience strong demand for our emerging product portfolio, which remains the primary driver for our revenues growth. In this quarter, in Q4, we had a growth across all our pillars, CTAM, Workspace and hybrid mesh, while our emerging products, e-mail security, SASE and ERM exceeded 40% -- more than 40% growth in ARR.

正如我們之前提到的，本季我們的成長主要得益於訂閱收入。我們不斷湧現的新興產品組合持續受到強勁需求，這仍然是我們收入成長的主要驅動力。在本季（第四季），我們所有支柱業務（CTAM、工作區域和混合網狀網路）均實現了成長，而我們的新興產品（電子郵件安全、SASE 和 ERM）的年經常性收入 (ARR) 成長超過 40%。

When I'm looking on the global revenue distribution, so we did see growth in all regions. 48% of our revenues came from EMEA, and that grew by 5% year-over-year. 40% of the revenues came from America, which had 6% growth year-over-year, while the remaining 12% came from Asia Pacific that grew 9% year-over-year.

從全球收入分佈來看，所有地區都實現了成長。其中，48%的營收來自歐洲、中東和非洲地區（EMEA），較去年同期成長5%；40%的營收來自美洲地區，較去年同期成長6%；剩餘的12%來自亞太地區，較去年同期成長9%。

When I'm looking at the full year 2025, so actually saw 46% of our revenue came from EMEA, grew by 5%. 42% of the revenues came from America, and that grew 7%, while the remaining 12% came from Asia Pacific and that grew double digit, 11% year-over-year.

當我展望 2025 年全年時，實際上我們看到 46% 的收入來自歐洲、中東和非洲地區，成長了 5%。 42% 的收入來自美洲，成長了 7%，而剩餘的 12% 來自亞太地區，實現了兩位數的成長，年成長 11%。

Looking into our P&L in this quarter. So our gross profit increased from $623 million to $660 million, representing a gross margin of 89%. Our operating expenses increased by 13% to $358 million. On a constant currency basis, our OpEx increased by 11%. The increase is primarily as a result of increase in our workforce and investment in sales and marketing and channel programs.

正在分析本季的損益情況。因此，我們的毛利從 6.23 億美元增加到 6.6 億美元，毛利率為 89%。我們的營運費用成長了13%，達到3.58億美元。以固定匯率計算，我們的營運支出成長了 11%。成長的主要原因是員工人數增加以及對銷售、行銷和通路計劃的投資。

Our non-GAAP operating income continues to be strong at $302 million or 41% operating margin. Our non-GAAP net income increased by 21%, mainly as a result of a one-time tax benefit that I mentioned in the beginning of this deck in connection with reduction in tax rate and updated tax reserves.

我們的非GAAP營業收入持續保持強勁勢頭，達到3.02億美元，營業利益率為41%。我們的非GAAP淨收入成長了21%，這主要是由於我在本簡報開頭提到的與稅率降低和更新稅務準備金相關的一次性稅收優惠。

The non-GAAP EPS grew by 26%, while the one-time benefit contributed approximately $0.52. Our GAAP net income reached $305 million, an increase of 18% year-over-year, while our GAAP EPS was $2.81 and grew by 22% year-over-year.

非GAAP每股收益成長了26%，其中一次性收益貢獻了約0.52美元。我們的GAAP淨收入達3.05億美元，年增18%；GAAP每股收益為2.81美元，較去年同期成長22%。

When I'm looking on the full year, so our gross profit increased to $2.4 billion, and that represents a gross margin of 88%. When I'm looking ahead into 2026, we all know the memory price increase, the recent memory price increase that we have in the market over the past few months. And it is expected to have an impact also on our gross margin in 2026.

從全年來看，我們的毛利成長到 24 億美元，毛利率為 88%。展望 2026 年，我們都知道記憶體價格上漲，尤其是過去幾個月市場上記憶體價格的上漲。預計這將對我們 2026 年的毛利率產生影響。

We estimate this impact to be approximately 1 point for the full year, 1 point on our gross margin for the full year, with most of the impact expected in the second half of 2026 as we have enough inventory -- sufficient inventory to support the needs for the first half of 2026.

我們估計這將對全年毛利率造成約 1 個百分點的影響，對全年毛利率造成約 1 個百分點的影響，大部分影響預計將在 2026 年下半年顯現，因為我們有足夠的庫存——足以滿足 2026 年上半年的需求。

We will continue to closely monitor supply and pricing dynamics into the second half of the year and adjust our procurement strategy as needed, including potential product price increase. Our operating expenses increased by 10%, mainly as a result of our continued investment in our workforce organically and also the impact related to Cyberint acquisition that we closed back in September 2024 and the acquisition that we've done during 2025 of Veriti and Lakera.

我們將繼續密切關注下半年的供應和價格動態，並根據需要調整採購策略，包括可能的產品價格上漲。我們的營運費用增加了 10%，這主要是由於我們持續對員工隊伍進行有機投資，以及我們在 2024 年 9 月完成的 Cyber​​int 收購和我們在 2025 年完成的 Veriti 和 Lakera 收購所帶來的影響。

Our non-GAAP operating income was $1.140 billion or 41% operating margin. Looking ahead to 2026, we continue to actively hedge our foreign exchange exposure. However, not all currency are fully covered. As we disclosed in the previous earnings calls, if current exchange levels persist, we anticipate an additional headwind of approximately 1 point to 1.5 points on our operating margin for next year.

我們的非GAAP營業收入為11.4億美元，營業利益率為41%。展望2026年，我們將持續積極對沖外匯風險。然而，並非所有貨幣都得到全面覆蓋。正如我們在先前的獲利電話會議中所揭露的那樣，如果目前的匯率水準持續下去，我們預計明年我們的營業利潤率將面臨大約 1 個百分點到 1.5 個百分點的額外不利影響。

Our financial income increased to $114 million in 2025 as we kept reinvested our cash in higher rates compared to 2024. In December 2025, as Nadav mentioned, we completed a $2 billion convertible notes offering. As a result, we expect higher financial income in 2026 that's estimated to be between $40 million to -- the financial income in 2026 is expected to be $40 million to $40 million per quarter.

由於我們持續將現金再投資於利率較高的領域，我們的財務收入在 2025 年成長至 1.14 億美元，高於 2024 年的水準。正如納達夫所提到的，我們在 2025 年 12 月完成了 20 億美元的可轉換債券發行。因此，我們預計 2026 年的財務收入將更高，預計每季將達到 4,000 萬美元至 4,000 萬美元。

In 2025, we had income tax benefit of $79 million, which included the benefit of approximately $209 million or $1.90 non-GAAP EPS in connection with updating our tax reserve due to the tax settlement and also the reduction of the tax rate for prior years.

2025 年，我們獲得了 7,900 萬美元的所得稅收益，其中包括因稅務結算而更新稅務準備金，以及前幾年稅率降低，從而獲得的約 2.09 億美元收益或 1.90 美元的非 GAAP 每股收益收益。

As for 2026 taxes, it is important to update that in December 2025, Israel enacted the OECD Pillar 2 framework, established a 15% global minimum effective tax rate for large multinational groups effective for taxes beginning in 2026. As a result, we currently estimate that our tax rate for 2026 will be between 16% to 17%.

至於 2026 年的稅收，需要更新的是，以色列在 2025 年 12 月實施了經合組織第二支柱框架，為大型跨國集團設立了 15% 的全球最低有效稅率，該稅率自 2026 年開始生效。因此，我們目前預計 2026 年的稅率將在 16% 至 17% 之間。

In parallel, a complementary Israeli government R&D incentive program was initially approved in January 2026. The outcome from this program that is expected to be effective from January 2026 can be approximately $50 million benefit into our operating income. This program is expected to be finally approved by the end of Q1 2026.

同時，以色列政府一項配套的研發獎勵計畫於 2026 年 1 月獲得初步批准。該計劃預計將於 2026 年 1 月生效，屆時將為我們的營業收入帶來約 5,000 萬美元的收益。該計劃預計將於 2026 年第一季末獲得最終批准。

Our outlook reflects this development as part of our forward-looking statements, including the anticipated certification of the R&D incentive program and the potential financial impact of related grants on our future financial results.

我們的展望反映了這一發展，作為我們前瞻性聲明的一部分，包括研發激勵計劃的預期認證以及相關撥款對我們未來財務表現的潛在財務影響。

Moving into our cash flow and our cash position. Our cash balances as of the end of the quarter was $4.3 billion. As a reminder, on December 2025, we also announced a $2 billion, and we received $1.8 billion net proceeds, net of issuance costs and third, the purchase of the Capco.

接下來談談我們的現金流和現金狀況。截至本季末，我們的現金餘額為 43 億美元。提醒一下，2025 年 12 月，我們還宣布了一項 20 億美元的計劃，扣除發行成本後，我們獲得了 18 億美元的淨收益，第三項計劃是收購 Capco。

Also during October 2025, we acquired Lakera for approximately $190 million of net cash consideration. Our operating cash flow was very strong this quarter with $310 million, 24% growth year-over-year and representing 42% of our revenues in Q4. We also continued our buyback program and purchased 2.2 million shares for $425 million at an average price of $193 per share.

此外，在 2025 年 10 月，我們以約 1.9 億美元的淨現金對價收購了 Lakera。本季我們的營運現金流非常強勁，達到 3.1 億美元，年成長 24%，佔第四季營收的 42%。我們也繼續推行股票回購計劃，以每股 193 美元的平均價格，斥資 4.25 億美元回購了 220 萬股股票。

On an annual perspective, our operating cash flow grew by 17% to $1.234 billion, while important to note that this includes $66 million tax payment, one-time tax payment, related to our tax settlement that we signed in Q3, while our balance sheet hedge transaction resulted from the other end, the benefit of $51 million in 2025.

從年度角度來看，我們的經營現金流成長了 17%，達到 12.34 億美元。需要注意的是，這其中包括 6,600 萬美元的稅款，這是一筆與我們在第三季簽署的稅務和解協議相關的一次性稅款。而我們的資產負債表對沖交易則帶來了另一方的收益，即 2025 年的 5,100 萬美元收益。

Also as a reminder, during 2025, we completed the $160 million payment for the land purchase associated with the new Check Point campus that we are building here in Tel Aviv. We do not expect any significant additional payment in connection with this new campus in 2026.

另外提醒一下，在 2025 年，我們完成了與我們在特拉維夫建造的新 Check Point 園區相關的土地購買的 1.6 億美元付款。我們預計2026年不會因這個新校區而產生任何重大額外支出。

So to summarize, our revenues were above the midpoint of our projection and the EPS exceeded our projection. We do see continued strong demand for emerging technologies, if it's e-mail, if it's CTEM, SASE, and we had another quarter and another year of strong operating cash flow and strong profitability.

總而言之，我們的收入高於預期中位數，每股收益也超過了預期。我們看到對新興技術的需求持續強勁，無論是電子郵件、CTEM、SASE 等，而且我們又迎來了一個季度和一年的強勁經營現金流和盈利能力。

Now moving to the business outlook to our projection for Q1 and for the full year. So for Q1 and the full year, I'll start with the revenues. So first, our revenues is expected to be between $655 million to $685 million in Q1 2026. I remind you the short-term headwind that we have only specifically in Q1 in terms of product revenues.

現在來看業務展望，以及我們對第一季和全年的預測。所以，對於第一季和全年，我將首先從收入說起。首先，我們預計 2026 年第一季的營收將在 6.55 億美元至 6.85 億美元之間。我提醒各位，就產品收入而言，我們目前面臨的短期不利因素僅限於第一季。

For the full year, we expect our revenues to be between $2.830 billion to $2.950 billion, between 4% to 8%, while the midpoint is 6%. This time, we're also going to give you the subscription revenue guidance, which expected to continue to accelerate. As for Q1, we do expect it to be between $318 million to $328 million, while as for the full year, we expect it to be between 10% to 14%, which means that the midpoint expect to be 12% growth.

我們預計全年營收將在 28.3 億美元至 29.5 億美元之間，成長率介於 4% 至 8% 之間，中位數為 6%。這次，我們也將向大家提供訂閱收入預期，預計訂閱收入將持續加速成長。至於第一季度，我們預計營收將在 3.18 億美元至 3.28 億美元之間；而對於全年，我們預計營收將成長 10% 至 14%，這意味著中位數預計為 12% 的成長。

Our non-GAAP EPS, including -- it takes into effect the expected grants, the R&D incentive program that needs to be completed by the end of Q1. This taken into account and the EPS is between $2.35 to $2.45, while the full year EPS, non-GAAP EPS expected to be between $10.05 and $10.85. GAAP EPS for Q1 expected to be $0.64 less, while for the full year is expected to be $2.58 less.

我們的非GAAP每股收益，包括—它考慮了預期撥款，即需要在第一季末完成的研發激勵計劃。考慮到這些因素，每股收益預計在 2.35 美元至 2.45 美元之間，而全年非 GAAP 每股收益預計在 10.05 美元至 10.85 美元之間。第一季 GAAP 每股盈餘預計將減少 0.64 美元，而全年 GAAP 每股盈餘預計將減少 2.58 美元。

Also, we're going to share with you guidance projections, sorry, adjusted free cash flow for Q1 and for the full year. This is the operating cash flow minus CapEx, minus any acquisition-related costs. And in Q1, we expect to have a strong adjusted free cash flow between $420 million to $460 million, which represents 66% of our midpoint, the expected revenues in Q1. While for the full year, we expect it to be 42% of the revenues in the midpoint, which is $1.150 billion to $1.250 billion. That's it. And Kip, the floor is yours.

此外，我們將與您分享第一季和全年的調整後自由現金流預期。這是經營現金流減去資本支出，再減去任何收購相關成本。我們預計第一季將實現強勁的調整後自由現金流，介於 4.2 億美元至 4.6 億美元之間，占我們第一季預期營收中位數的 66%。而對於全年而言，我們預計其收入將佔總收入的 42%，即 11.5 億美元至 12.5 億美元。就是這樣。Kip，現在輪到你發言了。

All right. So for Q&A, today, first up, we're going to have Adam Tindle from Raymond James, and will be followed by Shaul Eyal from TD Cowen.

好的。今天的問答環節，首先是來自 Raymond James 的 Adam Tindle，接下來是來自 TD Cowen 的 Shaul Eyal。

Nadav, I wanted to ask AI security is obviously a clear focus in your script today. And it sounds like you're investing both organically and inorganically with some of the acquisitions here. I wonder, this is sort of a high-level strategic question for you.

納達夫，我想問一下，人工智慧安全顯然是你今天演講的重點。聽起來你們在這裡既有有機成長，也有無機成長，包括一些收購。我想知道，這對你來說算是比較高層次的策略問題。

The heart of it is to kind of compare and contrast your view of AI security versus how cloud security played out. And with the context being that you made the very smart decision in cloud security to choose to partner with Wiz, essentially exiting Check Point's efforts organically as the ROI wasn't there.

其核心在於對比你對人工智慧安全的看法與雲端安全實際表現的看法。鑑於您在雲端安全方面做出了非常明智的決定，選擇與 Wiz 合作，實際上自然而然地退出了 Check Point 的合作，因為投資回報率並不理想。

Again, in hindsight, very smart given the cloud security market has been problematic for your competitors, bad pricing, bad profitability there. And I see some similarities in cloud security and AI security. So I guess what's different about AI security that got you more comfortable to invest here versus the decision to invest in cloud? And how big do you think this could be for Check Point over time?

事後看來，考慮到雲端安全市場對你的競爭對手來說一直是個問題——定價不合理、獲利能力差——你的策略非常明智。我發現雲端安全和人工智慧安全有一些相似之處。所以我想問的是，人工智慧安全領域有哪些不同之處，讓您更願意投資於此而不是投資雲端運算？你認為隨著時間的推移，這對 Check Point 來說會有多大的影響？

Yes. No, great question. And the sort of the analogy is in place. However, in my opinion, the AI transformation is both more foundational. It's not shift and lift your activities from on-prem to the cloud, but rather it's a real shift in the way you use technology, do business, employ people, et cetera. And the second change, in my humble opinion, is that we're seeing it already, but I expect this to accelerate. So it's happening much faster. So in my opinion, you can look at the cloud analogy, but you need to have it as a reference for difference.

是的。不，問得好。這種類比是成立的。然而，在我看來，人工智慧的轉型更具基礎性。這不僅是將你的活動從本地遷移到雲端，而是你使用科技、開展業務、僱用員工等方面的真正轉變。依我拙見，第二個變化是我們已經看到了這種變化，但我預計這種變化會加速。所以這件事發生得更快了。所以我覺得，你可以用雲朵作比喻，但你需要把它當作區分兩者的參照物。

The second thing I'll say is that here are two fundamental issues. Number one, attackers are using AI much faster than defenders. This is just the nature of this asymmetry between offense and defense. And in this learning competition and unfortunately, for several reasons, the attackers can adapt faster. And so what we're seeing is larger scale, more precision and a real change in the nature of attacks, right? And so that's one angle that we need to look at.

第二點我想說的是，這裡有兩個基本問題。第一，攻擊者使用人工智慧的速度比防禦者快得多。這就是進攻和防守之間這種不對稱性的本質。在這場學習競賽中，不幸的是，由於多種原因，攻擊者能夠更快地適應。因此，我們看到的是攻擊規模更大、精度更高，以及攻擊性質的真正變化，對吧？所以這是我們需要考慮的一個角度。

The other is -- and that's sort of the nature of what we're seeing right now. Every organization on the planet is racing to adopt AI to stay relevant. And as they're doing that, they're sort of creating a new attack surface. When you look at these two things separately, in my humble opinion, this is time to revalidate security altogether. We think we're really well positioned to lead the way, to secure our customers' AI transformation based on the four pillars that we were talking about, based on the fact that we truly have the best prevention -- proactive prevention security, which has always been important, but it's now becoming critical.

另一種情況是──這大概就是我們目前所看到的現象的本質。為了保持競爭力，全球所有組織都在競相採用人工智慧。在這樣做的時候，他們實際上創造了一個新的攻擊面。單獨來看這兩件事，恕我直言，現在是時候重新檢視整個安全體係了。我們認為我們完全有能力引領潮流，根據我們剛才提到的四大支柱，保障客戶的 AI 轉型，因為我們擁有最好的預防措施——主動預防安全，這一直都很重要，但現在變得至關重要。

And so building (technical difficulty) we have decade data, 100,000 customers, four pillars, a vision that I believe is very specific to secure AI transformation. This is a must for us. We're making acquisitions. We're building organically. And we really believe this is our time and our space to challenge the status quo.

因此，在建構（技術難度）的過程中，我們擁有十年的數據、10 萬名客戶、四大支柱，以及一個我認為非常具體的願景，以確保人工智慧轉型安全。這對我們來說至關重要。我們正在進行收購。我們正在穩步發展。我們堅信，現在是我們挑戰現狀的時機和空間。

Next up is Shaul Eyal, followed by Joseph Gallo of Jefferies.

接下來是 Shaul Eyal，然後是 Jefferies 的 Joseph Gallo。

Apologies for some background noise. Question for Roei. How should we be thinking about ASP hikes from a linearity perspective? Are we seeing them coming in the first half of the year? Are we seeing them coming in the second half of the year? Can you just help us out a little bit?

抱歉，背景有些噪音。向Roei提問。從線性角度來看，我們該如何看待平均售價上漲？我們能在今年上半年看到它們上市嗎？我們能在下半年看到它們上市嗎？你能幫我們一個小忙嗎？

Yes. So we did several price increases. One of them was in July, only for the subscription, the firewall subscription. And in January, we've done it for all the firewall, which including client hardware, subscription and support. In general, usually, it takes -- to see the ASP going up -- it takes -- usually it's a quarter. I mean, if I'm looking at about, for example, appliances, we talked about the appliances. So of course, it's effective from January 1.

是的。所以我們進行了幾次漲價。其中一次是在七月份，只是針對訂閱服務，即防火牆訂閱服務。1 月份，我們已經完成了所有防火牆的更新，包括客戶端硬體、訂閱和支援。一般來說，通常需要——才能看到平均售價上漲——通常需要一個季度。我的意思是，比如說，如果我們談論的是家用電器，我們討論的就是家用電器。所以，當然是從1月1日起生效的。

But from revenues perspective, that's something that usually we see the main impact coming from the quarter afterwards because certain revenues that are recognizing in Q1 are coming from bookings that came from prior periods. And also, we are expecting quotes that being delivered to our customers before the effective price increase. So most of the effects usually come in -- we should expect to see from Q2 this year.

但從收入的角度來看，這通常會在隨後的季度產生主要影響，因為第一季確認的某些收入來自先前期間的預訂。此外，我們希望在實際漲價之前向客戶提供報價。所以大部分影響通常會在今年第二季顯現。

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

好的。接下來是羅布·歐文斯，然後是布萊恩·艾塞克斯，不好意思。

Am I in here first, Kip or?

我是第一個進來的嗎，基普？

You are in first, Joseph, I'm sorry.

約瑟夫，你是第一名，真抱歉。

I appreciate that. It was great to see the strength in subscription, but I just wanted to ask on product in 4Q. I know there was some mix shift and reallocation in large deals, but is there anything else we should be aware of?

我很感激。訂閱業務的強勁表現令人欣喜，但我只想問一下第四季的產品狀況。我知道大型交易中出現了一些組合調整和重新分配，但還有其他需要注意的地方嗎？

And then I believe your product guide for '26 implies approximately flat. Just any comments on remaining refresh cycle available? Or have you seen customers change their buying behaviors ahead of these incoming price increases?

我認為你們 2026 年的產品指南暗示著大致平坦。關於剩餘的刷新週期，大家還有什麼要說的嗎？或者，您是否觀察到顧客在即將到來的價格上漲之前改變了他們的購買行為？

Yes. So I think Q4, we had a good quarter for product. Again, it was less good than what we've seen in the first three quarters, but still, we did see a good quarter for the demand for our product. If I'm looking ahead for 2026. 2026, I think we still have -- we see good funnel for hardware, specifically in the second half of the year. I do have to say that in the -- you are right that when you're taking into consideration what I gave for subscriptions, so product is around flat to low single digit.

是的。所以我覺得第四季度，我們的產品表現不錯。雖然不如前三個季度那麼好，但我們的產品需求在本季仍然表現良好。如果我展望2026年的話。我認為到 2026 年，我們仍然有——我們看到硬體市場前景良好，尤其是在下半年。我必須說，——你說得對，考慮到我給的訂閱價格，產品成長率大概在持平到個位數左右。

In our guidance, we took more prudent approach, mainly because -- not we don't see the funnel, mainly because we are taking a more prudent approach of what's going on the macro with the memory shortages that we see everywhere price increase, not specifically only on memories, by the way, on all raw materials, and that might affect some customer behavior that's postponing some CapEx projects.

在我們的指導意見中，我們採取了更謹慎的做法，主要是因為——不是因為我們沒有看到漏斗，而是因為我們對宏觀經濟形勢採取了更為謹慎的做法，我們看到內存短缺導致價格上漲，順便說一句，不僅僅是內存，而是所有原材料，這可能會影響一些客戶的行為，導致一些資本支出項目被推遲。

So we took it into account. But definitely, again, we want to be more than that. We want to be higher than that. I think we continue to see refresh. But again, we cannot ignore what's going on in the market with the memory situation.

所以我們把它考慮在內了。但毫無疑問，我們希望做得更多。我們希望達到更高的水平。我認為我們會看到持續的更新換代。但是，我們不能忽視記憶體市場正在發生的事情。

All right. Next up is Todd Weller -- or Brian Essex, followed by Todd Weller. Sorry about that, Brian.

好的。接下來是托德·韋勒——或者布萊恩·埃塞克斯，然後是托德·韋勒。抱歉啊，布萊恩。

All right. Joe, I wasn't going to let him pass you by. Really, another question on guidance. Would love to understand maybe the puts and takes embedded in operating margins. If we were to back into operating margins, what are the implicit margins in your guidance? And how do you think about spending?

好的。喬，我不會讓他超過你的。確實，還有一個關於指導的問題。很想了解營運利潤率中蘊含的買賣利弊。如果我們反推營業利潤率，您給的指導意見中隱含的利潤率是多少？你如何看待消費？

And then maybe one for Nadav, basically back on that, the dynamics around the hardware price increases, are you hearing any shift in spending intentions from your customers anticipating maybe firewall and server prices accelerating on the back of the memory pricing. So one for each of you.

然後，也許可以問 Nadav 一個問題，基本上還是回到硬體價格上漲的動態上來，你的客戶是否注意到他們的支出意向發生了任何變化，他們預計防火牆和伺服器的價格可能會因為記憶體價格上漲而加速上漲。所以你們每人一份。

So the margin that we took into account in our guide, it's between 39% to 40%. So that's the operating margin. We're taking into account all the headwinds that we get from the memories, from the FX, on the other hand, the expected grants from the government. So all of that was taken into account. That puts you in the 39% to 40%. And Nadav?

因此，我們在指南中考慮的利潤率在 39% 到 40% 之間。這就是營業利益率。我們正在考慮所有不利因素，包括來自記憶庫、外匯市場以及政府預期撥款等方面的不利因素。所以所有這些因素都被考慮在內了。那你就屬於那39%到40%的行列了。納達夫呢？

Yes. Look, with regard to the hardware, as Roei said, we don't see any change as of now. As Roei said, we do need to be prudent looking into what's happening this year. I actually think, for us, this could be a competitive advantage.

是的。關於硬體方面，正如Roei所說，目前我們還沒有看到任何變化。正如羅伊所說，我們確實需要謹慎地審視今年發生的事情。我認為，這對我們來說可能是競爭優勢。

We have the supply for the first two quarters. We're going to figure out how to take advantage of the situation. I don't see this as being a huge headwind, except for what Roei said about the 1 point in the margin that we just spoke about. Obviously, very encouraged by the high growth in the subscription rate that we're seeing and projecting.

我們有前兩個季度的供應量。我們將想辦法利用這種情況。除了羅伊剛才提到的那1分差距之外，我不認為這會是個巨大的不利因素。顯然，我們對目前和預期的訂閱率高速成長感到非常鼓舞。

And no shift towards SASE or other types of architecture.

而且沒有轉向SASE或其他類型的架構。

Exactly. Exactly. Our SaaS products and subscription is becoming a much bigger part of our overall cake, and we intend to continue growing that, again, across the different pillars. So in Hybrid Mesh, it's SASE, Workspace is completely SASE, so is exposure management. And this year, for the first time, a true North Star around security for AI around the AI security pillar.

確切地。確切地。我們的 SaaS 產品和訂閱業務在我們整體業務中所佔的比重越來越大，我們打算繼續擴大這項業務，並在不同的業務支柱領域內實現這一目標。所以在混合網格中，它是 SASE，工作區完全是 SASE，曝光管理也是。今年，人工智慧安全支柱首次真正樹立了安全方面的北極星。

All right. Next up is Todd Weller, followed by Junaid Siddiqui.

好的。接下來是托德·韋勒，然後是朱奈德·西迪基。

Nadav, you outlined all the changes that were implemented in 2025. What would be the two or three specific ones you think will most positively impact the growth trajectory in '26? And when do you expect to see those start kind of showing up in the numbers?

納達夫，你概述了2025年實施的所有變更。您認為哪些兩到三個具體因素會對 2026 年的成長軌跡產生最正面的影響？你預計什麼時候這些數據會開始有所體現？

Yes. Look, I think that we laid the foundations, right? Most importantly is the C-suite and the new leadership we had and the way we are reorganizing and refocusing our go-to-market. That's number one. And the second thing that I'm very excited about is going to the market with these four pillars.

是的。你看，我認為我們已經打好了基礎，對吧？最重要的是高階主管團隊和我們新的領導階層，以及我們重組和重新調整市場策略的方式。這是第一點。第二件讓我非常興奮的事情是，我們將帶著這四大支柱進入市場。

Each one of them is a platform in itself. Some of our customers are going to choose to use one pillar as their platform, let's say, for Workspace. Others are still using the Hybrid Mesh pillar and some are using everything, and it's an open garden so we can play with the others.

它們每一個本身都是一個平台。我們的一些客戶會選擇使用其中一個支柱作為他們的平台，例如，作為工作區。其他人還在使用混合網格柱，有些人則什麼都用，而且這是一個開放式花園，所以我們可以和其他人一起玩。

So if you ask me, these are the two main things. Number one is the four-pillar approach. Number two is the leadership in the C-suite change and the refocusing of the go-to-market. And above everything else, I am a true believer that we need to revalidate security. Attackers are moving at an extreme speed. I think we have the foundations. But as you can see, we're also making the acquisitions. We have the right design partnerships. We want to do this as an ecosystem play. So the third thing, of course, is Security for AI. The race is on, and we're in it.

所以如果你問我，我認為這是兩件最重要的事。第一種方法是四大支柱方法。第二點是主管層變革和市場策略重新調整。最重要的是，我堅信我們需要重新驗證安全性。攻擊者正以極快的速度移動。我認為我們已經打好了基礎。但正如你所看到的，我們也在進行收購。我們擁有合適的設計合作夥伴。我們希望將其作為生態系統舉措來實現。所以第三點，當然是人工智慧安全。比賽已經開始，我們參與其中。

Next up is Junaid, followed by Keith Bachman from BMO.

接下來是朱奈德，然後是來自 BMO 的基思巴赫曼。

Just wanted to talk about the progress on the SASE front. You mentioned ARR grew around 40%. In the past, you've talked about making it much more enterprise-ready, moving to a unified policy. How is that tracking? And is the focus right now mostly on upselling the existing customers?

只是想談談SASE方面的進度。您提到 ARR 成長了約 40%。過去，您曾談到要使其更適合企業使用，並轉向統一策略。追蹤情況如何？目前公司的重點是否主要放在向現有客戶推銷升級產品？

Yes. So great question. As you can see, the SASE now is a part of our hybrid mesh pillar. We're maturing the product. We made significant investments organically in 2025, and the product is maturing, and we're integrating it as a part of the hybrid mesh pillar and platform like you said, with our unified management.

是的。問得好。如您所見，SASE 現在是我們混合網狀支柱的一部分。我們正在完善產品。我們在 2025 年進行了大量自主投資，產品日趨成熟，正如您所說，我們正在將其整合到混合網狀支柱和平台中，並進行統一管理。

Now in terms of our sales motion, we are integrating what used to be the -- what we used to call a Rocket. We're now integrating this into the hybrid mesh pillar. We're also putting together the sales overlay of our CloudGuard network security with SASE to better integrate that into the overall motion.

現在，就我們的銷售模式而言，我們正在整合以前我們稱之為「火箭」的東西。我們現在正將其整合到混合網狀支柱中。我們也將 CloudGuard 網路安全的銷售疊加層與 SASE 結合，以便更好地將其融入整體發展進程中。

You're right that I would say that two-thirds is upsell to existing customers, but that's not the only one. We're also seeing new customers that are actually buying our SASE, and we hope to actually move them to our firewall business to create the full capability of a hybrid mesh pillar.

你說得對，三分之二的產品都是向現有客戶追加銷售，但這並不是唯一的追加銷售。我們也看到一些新客戶正在購買我們的 SASE，我們希望能夠將他們轉移到我們的防火牆業務中，以創造混合網狀架構的全部功能。

All right. Next up is Keith Bachman, followed by Shrenik Kothari of Baird.

好的。接下來是 Keith Bachman，然後是 Baird 公司的 Shrenik Kothari。

Nadav, I want to put this to you, and it sort of reflects incoming comments already this morning. Investors are looking for an acceleration of growth. You're basically guiding to 6% plus or minus total revenue growth, which is consistent with what's happened in the last two years. So while subscription is improving, which is nice -- it's nice to see, total growth isn't improving, right?

納達夫，我想跟你談談這件事，這在某種程度上也反映了今天早上收到的一些評論。投資者正在尋求加速成長。你們基本上是預測總收入成長在 6% 以內，這與過去兩年的情況一致。所以，雖然訂閱量有所改善（這很好——看到這種情況令人欣慰），但整體成長並沒有改善，對吧？

So how do you sort of respond to -- because you're asking investors to be patient about this notion of acceleration. So how do you respond to that comment? And then consistent with that, Roei, any comments you want us to think about for total billings growth in light of the midpoint of rev growth?

所以，你該如何回應——因為你要求投資人對這個加速發展的概念保持耐心。那麼，你如何回應這則評論？那麼，Roei，基於以上情況，考慮到營收成長的中點，你對總帳單成長有什麼想讓我們思考的意見嗎？

Yes, sure. Look, we laid the foundations. Now it's all about execution. I think we have the four-pillar approach. We have the foundations. We have the right people in place. We have the financial flexibility to make acquisitions. Now it's all about execution.

當然可以。你看，我們已經打好基礎了。現在關鍵在於執行。我認為我們採取了四大支柱策略。我們已經具備了基礎。我們已經找到了合適的人選。我們擁有足夠的財務彈性來進行收購。現在關鍵在於執行。

And you're right that it's not an overnight acceleration, but I think we're on the right trajectory. I think also what we have in terms of product solutions around our superior ability to proactively prevent the acquisitions that we're making and what we're building in the AI security is putting us in the right trajectory. And now it's all about execution.

你說得對，這並非一夜之間就能實現的加速發展，但我認為我們正走在正確的道路上。我認為，我們在產品解決方案方面所擁有的優勢，例如主動阻止收購的能力，以及我們在人工智慧安全領域所建立的一切，都使我們走上了正確的道路。現在一切都取決於執行力。

And as for the total billings, similar to the revenues growth around high single digit, 6%, 7%, that's expectation in order to achieve the midpoint.

至於總帳單金額，與營收成長類似，預期成長幅度在個位數高位，6%、7%，這是實現中點目標的預期。

All right. Next up is Shrenik Kothari followed by Joshua Tilton from Wolfe Research.

好的。接下來是 Shrenik Kothari，然後是來自 Wolfe Research 的 Joshua Tilton。

So, Nadav, you just mentioned financial flexibility, ended 4Q with $4 billion in cash and you have added $2 billion in convert. Just in terms of -- so far, you mentioned about favoring smaller AI native integrations and the announcements you made.

納達夫，你剛才提到了財務彈性，第四季末現金餘額為 40 億美元，並且新增了 20 億美元的可轉換債券。就目前而言——您曾提到傾向於較小的 AI 原生整合以及您發布的公告。

Just on the large-scale M&A, right, can you just talk to as some of the other peers are kind of going after platform convergence waves, aggressively chasing few things. So what kind of sort of scale IP or adjacency would actually justify more transformative sort of AI-driven bet for you guys, if at all?

就大規模併購而言，對吧？您能否談談其他一些同行正在追逐平台融合浪潮，積極追求少數幾件事的情況？那麼，對你們來說，什麼樣的規模的智慧財產權或相關技術才能真正證明進行更具變革性的人工智慧驅動型投資是合理的呢？

Yes. So yes, we have the flexibility and we have the vision. And now in each one of those pillars, we need to be very disciplined and identify the targets. They could be tuck-ins, they could be larger, but the ones that actually take us to be a podium player in each one of those pillars specifically. So this target needs to have the right technology, the right people, the right culture and so that we can see that we can integrate it and move fast to create a real platform.

是的。所以，是的，我們既有彈性，也有遠見。現在，在每一個支柱領域，我們都需要非常自律，並確定目標。它們可以是小插曲，也可以是大動作，但真正能讓我們在每個支柱領域都登上領獎台的，是那些真正讓我們成為領獎台上佼佼者的舉措。因此，這個目標需要具備合適的技術、合適的人才、合適的文化，這樣我們才能看到我們可以將其整合起來，快速推進，創造一個真正的平台。

In my humble opinion, just buying more and more products and putting sort of a supermarket approach is not what our customers are looking for. When they look through consolidation, they look for a real integrated for us -- pillar.

恕我直言，光是不斷進購商品，採取類似超市的經營方式，並不是我們的顧客想要的。當他們審視整合方案時，他們會尋找一個真正整合的支柱。

And each one of those pillar, we're looking at, has its own platform play. So if you take Exposure Management, we are looking to create the number one Exposure Management system. Some of the acquisitions are smaller. We're also looking at larger ones all the time, but we're going to be disciplined about it. And again, through the -- looking at each pillar separately, we're not stopping. We're moving fast.

我們所關注的每一個支柱，都有其自身的平台運作模式。所以，如果你選擇風險暴露管理，我們的目標就是打造一流的風險暴露管理系統。有些收購規模較小。我們一直在關注規模更大的項目，但我們會在這方面保持謹慎。再說一遍，透過逐一審視每一根支柱，我們不會就此止步。我們進展迅速。

Shrenik, it looks like you just stopped playing a game when you came on. Good seeing you, Shrenik. Next up is Joshua Tilton, followed by Roger Boyd from UBS.

Shrenik，你上線的時候好像剛停止玩遊戲似的。很高興見到你，Shrenik。接下來是 Joshua Tilton，然後是來自瑞銀集團的 Roger Boyd。

Maybe, Roei, for you, any way to think about how much the acquisitions that you announced today are contributing to the guidance that you provided for 2026? And maybe outside of pricing, could you just talk to why or what gives you conviction and the belief that guiding to, I think, what you said flat to low single-digit growth for product is prudent from your perspective?

Roei，或許你可以考慮一下，你今天宣布的收購對你所給出的 2026 年業績指引有多大貢獻？或許除了定價之外，您能否談談是什麼讓您確信，引導產品實現（我認為）您所說的持平或個位數低增長，從您的角度來看是明智的？

Okay. So first, in terms of the acquisitions, of course, it's part of the guidance, and that said, it should have an effect of approximately 0.5 point into our margin because it's mainly right now, in 2026, we expect it to have mainly costs, mainly dilution to our margin. That's approximately 0.5 point to the operating margin.

好的。首先，就收購而言，這當然是業績指引的一部分，也就是說，它應該會對我們的利潤率產生大約 0.5 個百分點的影響，因為目前，我們預計到 2026 年，它主要會帶來成本，主要會稀釋我們的利潤率。這大約會使營業利益率降低0.5個百分點。

As for the pricing and the product, so I think, again, I'm looking -- when we are -- of course, we are working on the guidance and of course, working for our plan on 2026, we're looking on the funnel. We are looking on the potential. We're looking, of course, on the price increase that we've done in January 1. And I think that, again, we can do -- we should -- I mean, we need to continue the strong demand that we've seen in 2025.

至於定價和產品，我想，我再次關注——當我們——當然，我們正在製定指導方針，當然，也在製定我們 2026 年的計劃，我們正在關注銷售漏斗。我們正在關注其潛力。當然，我們關注的是1月1日實施的價格上漲。而且我認為，我們能夠——我們應該——我的意思是，我們需要繼續保持我們在 2025 年看到的強勁需求。

We see good funnel also for hardware, mainly in the second half of the year -- also in the first half, but mainly in the second half of the year. And I think that definitely also the price increase and the fact that we've seen that the discounts this year were actually even improved compared to last year in 2025 compared to 2024.

我們看到硬體銷售管道也呈現良好的成長勢頭，主要集中在下半年——上半年也有成長，但主要集中在下半年。而且我認為，價格上漲以及我們看到今年的折扣實際上比去年（2025 年）比 2024 年有所改善，也肯定是造成這種情況的原因。

So if we manage to continue that and maintain the discounts, we also can benefit from this price increase. I do have to say and it's important to say, we didn't take into account in our guidance any additional price increase. Because of the memory shortages, there might, of course, we might consider additional price increase during the year, but that was not a factor in the guidance right now.

因此，如果我們能夠繼續保持這種做法並維持折扣，我們也可以從這次價格上漲中受益。我必須說明，而且這一點很重要，我們在製定指導方針時並沒有考慮任何額外的價格上漲。當然，由於記憶體短缺，我們可能會考慮在年內進一步提價，但這並不是目前指導意見中的因素。

And just to be clear, that 0.5 point is in the 39% to 40% margin.

需要明確的是，這 0.5 個百分點位於 39% 到 40% 的區間內。

Of course, part of the guidance I provided you.

當然，這是我給你的部分指導。

And any way to think about the top line contribution from the acquisitions?

那麼，有什麼方法可以衡量收購帶來的營收貢獻呢？

Minimal. minimal to, I would say, a few millions or even -- a few millions of dollars, yes.

極少。極少到，我估計也就幾百萬美元，甚至──幾百萬美元，是的。

All right. Next up is Roger Boyd from UBS, followed by Peter Levine from Evercore.

好的。接下來是瑞銀集團的羅傑·博伊德，然後是艾弗科爾公司的彼得·萊文。

Awesome. Nadav, I wanted to hit on Rotate. They have a lot on their platform. So I guess in addition to the MSP enablement tools that you talked about and some of the exposure management technology, how much interest is there in the rest of their portfolio, which I think includes some native technology for detection across endpoint, some other attack surfaces.

驚人的。Nadav，我想攻擊 Rotate。他們的平台上有很多內容。所以，除了您提到的 MSP 賦能工具和一些風險管理技術之外，大家對他們產品組合的其他部分有多大興趣？我認為這些部分包括一些用於跨端點偵測的原生技術，以及其他一些攻擊面。

And when you think about MSPs in general, can you just talk about the -- what percent of revenue they represent today and how you see that evolving? How important is that in terms of your channel strategy this year?

那麼，當您談到 MSP 時，您能否談談它們目前佔總收入的百分比，以及您認為這一比例將如何變化？這對你們今年的通路策略有多重要？

Yes. So today, I think it's -- I don't think -- it's still relatively small, but I think it's a high potential growth for us in 2026 and beyond. The MSP, we're going to consolidate everything under Workspace, under Gil Friedrich. And the Rotate technology and the folks that are coming with it are going to enable us to actually streamline everything to the MSPs, and that's where the opportunity is.

是的。所以今天，我認為——我不認為——它仍然相對較小，但我認為它在 2026 年及以後對我們來說具有很高的成長潛力。MSP方面，我們將把所有內容整合到Workspace下，由Gil Friedrich領導。Rotate 技術及其相關人員將使我們能夠真正簡化 MSP 的所有流程，而這正是機會所在。

And you're right, it's not -- it's e-mail, it's endpoint, it's browser, it's SASE, all put together for the smaller customers, working with our partners and the MSPs. And so this acquisition will allow us to accelerate, to move faster into a consolidated unified ability to work with those MSPs.

你說得對，確實不是——它是電子郵件、終端、瀏覽器、SASE，所有這些都是為了小型客戶而整合在一起的，與我們的合作夥伴和MSP合作。因此，此次收購將使我們能夠加快步伐，更快地實現與這些 MSP 合作的整合統一能力。

Next up is Peter Levine with Evercore, followed by Saket Kalia from Barclays.

接下來是來自 Evercore 的 Peter Levine，然後是來自巴克萊銀行的 Saket Kalia。

Nadav, what's changed in customer demand that makes kind of exposure management more of a priority today? You touched upon it on the call in your prepared remarks, but are customers explicitly asking for like a united exposure -- visibility across network, cloud, identity, whatever it is? And then maybe just, Roei, help us understand like how meaningful could this category be over the next, call it, two- or three years in terms of revenue contribution?

Nadav，客戶需求發生了哪些變化，使得如今風險敞口管理變得更加重要？您在電話會議的準備好的發言稿中提到了這一點，但客戶是否明確要求獲得類似統一的訪問權限——跨網絡、雲端、身份等各個方面的可見性？那麼，Roei，或許可以幫我們了解一下，在未來兩三年內，這個類別在收入貢獻上會有多大意義？

Yes. So first, I can't resist to answer Roei's question. It's meaningful. It's not huge right now, but we see great potential in it. When I look at this -- I come from the trenches ultimately. When I look at this as a practitioner, you've got to have this situational awareness. And so yes, we're seeing more and more demand, and we're seeing it going upstream as our capabilities become more and more mature.

是的。首先，我忍不住要回答羅伊的問題。這很有意義。雖然目前規模還不大，但我們看到了它巨大的潛力。當我看到這一切時——歸根結底，我來自戰壕。身為一名從業者，我認為你必須具備這種情境意識。所以，是的，我們看到需求越來越多，而且隨著我們能力的日益成熟，這種需求正在向上游轉移。

And what we're building is the full gamut. So on the one hand, based on an acquisition that we made a year before last around Cyberint, we have the intelligence. Now with Cyclops, we can see the posture and we can prioritize based on what we're seeing CVEs, dark web stuff. We're seeing what's coming. And from the inside, we're seeing what's vulnerable. And with the Veriti acquisition, we can actually do the automatic remediation.

我們正在建構的是全方位的產品系列。一方面，基於我們前年收購的 Cyber​​int 公司，我們掌握了情報。現在有了 Cyclops，我們可以看到態勢，並可以根據我們看到的 CVE、暗網內容來確定優先順序。我們正在預見未來。從內部來看，我們看到了哪些方面有弱點。透過收購 Veriti，我們實際上可以實現自動修復。

And so what our customers find us once they deploy that is that a lot of the things that are coming at them are no longer in danger because we can block it automatically before it even happens. In my opinion, again, looking at this as a practitioner, one of the shifts is that attackers can actually weaponize vulnerabilities much, much faster. And they can also use autonomous agents that are doing their -- once there is a breach, they operate much, much faster.

因此，我們的客戶一旦部署了我們的產品，就會發現許多威脅不再存在，因為我們可以在威脅發生之前自動阻止它。在我看來，作為一名從業者，其中一個轉變是攻擊者能夠更快地利用漏洞。他們還可以使用自主代理，一旦發生安全漏洞，這些代理的運行速度會快得多。

And so having that proactive prevention has become more important than ever and building this triage around these three components, I think, is unique in the industry, and I think will carry more and more traction. For us at Check Point, it's also important because it allows us to go outside of our installed base right now to new customers and hopefully the upsell and cross-sell once we go beyond that. And so yes, we see this as something which is becoming a core pillar and an important part of the four-pillar strategy that we're going with.

因此，採取積極主動的預防措施比以往任何時候都更加重要，而圍繞這三個組成部分構建的這種分類方法，我認為在業內是獨一無二的，而且我認為它將獲得越來越多的關注。對於我們 Check Point 來說，這也很重要，因為它使我們能夠突破現有客戶群的限制，接觸新客戶，並希望在拓展客戶群之後實現追加銷售和交叉銷售。所以，是的，我們認為這正在成為我們正在推行的四大支柱策略的核心支柱和重要組成部分。

The last thing I'll say about it is that when we do the remediation, the automatic remediation, we don't do it just for Check Point products. And that's the beauty of it. This is where an open platform, open garden comes in. When we see vulnerability, some of our customers are not using Check Point products to secure their Hybrid Mesh, but we can go in and fix the other vendors' vulnerabilities after we prioritize them. And at the end of the day, I think it gives our customers better security.

最後我想說的是，當我們進行修復（自動修復）時，我們不僅僅針對 Check Point 產品。這就是它的魅力所在。這就需要開放式平台和開放式花園了。當我們發現漏洞時，有些客戶並沒有使用 Check Point 產品來保護他們的混合網狀網絡，但我們可以在確定優先順序後，修復其他供應商的漏洞。歸根究底，我認為這能為我們的客戶提供更好的安全保障。

Next up is Saket Kalia, followed by Brad Zelnick from Deutsche Bank.

接下來是薩克特·卡利亞，然後是來自德意志銀行的布拉德·澤爾尼克。

Okay. And by the way, I appreciate the additional detail on guidance. Maybe a question for both Nadav and Roei. The four pillars are really helpful framework for thinking about the business. Roei, for you, are there any guardrails that you can give us just on the mixes across those four, high level, of course.

好的。順便說一句，我很感謝您提供的補充指導細節。或許這個問題應該問問納達夫和羅伊。這四大支柱為思考事業提供了一個非常有用的架構。Roei，對你來說，你能不能就這四首歌的混音給出一些指導原則，當然，是從高層次的角度來說。

And Nadav, what are you changing from either a contracting or sales comp perspective to drive higher growth across those smaller, maybe faster-growing pillars? Does that make sense?

納達夫，從合約或銷售薪酬的角度來看，你正在做出哪些改變，以推動那些規模較小但成長速度可能更快的業務部門實現更高的成長？這樣說得通嗎？

Yes. So I think if you're looking on the four pillars, so of course, the most significant one is the Hybrid Mesh, which includes also our firewall, which is still a significant part of our business. It's growing, of course, mainly driven by the SASE and our cloud network that's mainly driving the growth.

是的。所以我認為，如果你要看這四大支柱，那麼最重要的當然是混合網狀網絡，其中也包括我們的防火牆，這仍然是我們業務的重要組成部分。當然，它正在成長，這主要得益於 SASE 和我們的雲端網絡，它們是推動成長的主要動力。

Both of them, SASE and cloud network, sitting on the subscription line item. And that's part of the acceleration that we see in the subscription line item. And the others that I think have the highest growth that we see today are Workspace and CTEM.

SASE 和雲端網路這兩項都列在訂閱項目中。這就是我們在訂閱項目項目中看到的加速成長的部分原因。而我認為目前成長最快的其他領域是 Workspace 和 CTEM。

CTEM, we talked a lot about it in this call. We do see very strong demand. Of course, still small numbers from total Check Point, but very strong demand, which started when we acquired Cyberint, then we added other acquisitions that we've done and included in the offering. And again, when we are looking on the funnel for next year, definitely will be -- it's expected to be even in 2026, a major driver for our subscription line item.

我們在這次通話中詳細討論了許多關於CTEM的內容。我們看到市場需求非常強勁。當然，與 Check Point 的總規模相比，這仍然很小，但需求非常強勁。這種強勁的需求始於我們收購 Cyber​​int，然後我們又進行了其他收購，並將這些收購納入了產品線。再說一遍，當我們展望明年的銷售漏斗時，它肯定會——預計到 2026 年——成為我們訂閱專案的主要驅動力。

And also e-mail. e-mails continue to be very strong. We talked about the numbers, I think, talked about the numbers for the few quarters. I mean, we already passed the $160 million ARR and continue to grow in very strong double digit. So definitely, we're aiming to pass the $200 million this year.

還有電子郵件。電子郵件依然非常強大。我想，我們討論的是數字，討論的是這幾季的數字。我的意思是，我們的年度經常性收入已經超過 1.6 億美元，並且繼續保持兩位數的強勁成長。所以，我們今年的目標肯定是突破 2 億美元大關。

And I think that's the main driver that we -- that's why you see our subscription revenues continue to accelerate, and we expect it to accelerate every quarter. Of course, with the contribution also from firewall, again, contribution that it's a mix of the price increase, but also gaining new logos and expanding our market share in the firewall. So that's in total picture how it translates into our revenues. Nadav, you want to?

我認為這是我們訂閱收入持續成長的主要驅動力，而且我們預計每季都會繼續成長。當然，防火牆也做出了貢獻，這既包括價格上漲，也包括獲得新客戶和擴大我們在防火牆市場的份額。所以，這就是它如何轉化為我們收入的整體情況。納達夫，你想嗎？

Yes. The four pillars is strategic, as you said. In the first one, it's the infrastructure and the network. The second one is your employees. The third one is the situational awareness. And then finally, Security for AI, which is as a stand-alone, but also embedded in the three others, and we have the services that engulf all that.

是的。正如你所說，這四大支柱具有戰略意義。第一個例子是基礎設施和網路。第二點是你的員工。第三點是情境意識。最後是人工智慧安全，它既可以獨立存在，也可以嵌入其他三個部分中，我們還有涵蓋所有這些的服務。

To your question, to grow these pillars faster, we're doing a few things. Number one, in each pillar, we are trying to see what is a differentiated advantage, right? So like I said, for the Hybrid Mesh, it's the prevention first, it's the scalability, it's the unified management and it's the hybrid architecture. But there are other things that we want to improve. And so some of them we're doing organically, some we're looking for acquisitions. We're doing the same thing for each one of those pillars.

關於你的問題，為了更快地發展這些支柱產業，我們正在採取一些措施。第一，在每個支柱中，我們都要努力找出差異化優勢，對吧？所以就像我說的，對於混合網狀網路來說，首先是預防，其次是可擴展性，再次是統一管理，最後是混合架構。但還有其他方面我們需要改進。所以有些項目我們是透過自身發展實現的，有些項目我們則是透過收購來實現。我們對每一個支柱都採取了同樣的做法。

The second thing is from our go-to-market focus, we are moving to a multi-pillar, multi-platform company so that our front liner sellers can sell each one of those pillars. And of course, in each one of them, there's also different products, and we're better aligning our account managers with the specialists that can come in and support them. And that's a major change in the way we're going to market as of literally now.

第二點是，從我們的市場策略來看，我們正在轉型為一家多支柱、多平台的公司，以便我們的第一線銷售人員能夠銷售所有這些支柱產品。當然，每個部門也都有不同的產品，我們正在更好地將客戶經理與能夠為他們提供支援的專家進行配對。而這，從現在開始，將徹底改變我們的行銷方式。

The one thing I want to add is that in each one of those pillars, we're also going to challenge. We're going to challenge some of the existing status quo in the market. So we're going to -- we're challenging status quo around supermarket approach consolidation through a real platform approach. We're challenging a closed garden to an open garden. We're challenging complexity. So in each one of these, we're not just building our own security platform pillar, but also challenging the existing status quo.

我想補充一點，在這些支柱中的每一個方面，我們都會提出挑戰。我們將挑戰市場上一些現有的現狀。所以我們要挑戰超市整合的現狀，採用真正的平台模式。我們正在挑戰封閉式花園與開放式花園之間的差異。我們正在挑戰複雜性。因此，在這些方面，我們不僅在建立自己的安全平台支柱，而且還在挑戰現有的現狀。

Again, some of it with existing capabilities that I think are critical and becoming more important and in others, by building new stuff and making acquisitions. And at the end of the day, I think we need to realize that especially the world we're going into, every morning, there is a new reality and a new threat. So we need to constantly evolve. We need to constantly see the road map of our customers. We need to constantly look around the corner so we can truly be their companion for a secure AI transformation.

再次強調，其中一些是透過現有的能力實現的，我認為這些能力至關重要，而且變得越來越重要；而另一些則是透過建立新事物和進行收購來實現的。歸根結底，我認為我們需要意識到，尤其是在我們即將進入的世界裡，每天早上都會​​出現新的現實和新的威脅。所以我們需要不斷發展。我們需要不斷了解客戶的發展路線圖。我們需要時時關注未來發展趨勢，才能真正成為他們安全實現人工智慧轉型的夥伴。

Next up is Brad Zelnick, followed by Shyam Patil from Susquehanna.

接下來是布拉德·澤爾尼克，然後是來自薩斯奎哈納的沙姆·帕蒂爾。

Nadav, I've heard you loud and clear. The foundation is in place. It now comes down to execution. And I take that to mean more go-to-market than product because Check Point has always had great product and you're acquiring high-quality tuck-ins that only strengthen your offerings in the position that you're in.

納達夫，我聽得清清楚楚。基礎已經打好。現在就看執行力了。我認為這更多的是指市場推廣而不是產品本身，因為 Check Point 一直擁有優秀的產品，而你正在收購高品質的補充產品，這只會增強你目前所處地位的競爭力。

But where do we stand from a go-to-market perspective? How much more ramp distribution capacity do you have heading into 2026? And maybe for Roei to chime in, what needs to happen to exit '26 growing double digit and to get us to double-digit growth for the full year in '27?

但從市場進入的角度來看，我們處於什麼位置？到 2026 年，你們還有多少坡道配送能力？或許羅伊可以插句話，要怎樣才能在 2026 年底實現兩位數增長，並在 2027 年全年實現兩位數增長？

Yes. Thank you for that. So you're right that it's about go-to-market execution. It starts with a louder voice around our marketing effort. It's about the focus. And as I described, we're going to be focusing on large enterprise. We're going to be focusing on new logos. We're going to be focusing on the multi-pillar, multiproduct company approach. We're going to be focusing on hiring the best people in the industry. So it's a plethora of things that we're doing to create a better execution as we go to market.

是的。謝謝。所以你說得對，關鍵在於市場推廣的執行。首先，我們要加大市場推廣力道。關鍵在於關注點。正如我之前所說，我們將專注於大型企業。我們將專注於設計新的標誌。我們將專注於多支柱、多產品型公司模式。我們將專注於招募業內最優秀的人才。因此，我們正在採取多種措施，以期在產品上市過程中達到更好的執行效果。

And lastly, it's also about challenging the status quo. I think this is a time where the nature of security is changing. I think the criticality of -- the basis of what security means has become more critical than ever. And we're going to take advantage of some of the assets that we already have. We're going to take advantage of where we are situated.

最後，它也關乎挑戰現狀。我認為現在是安全性質改變的時代。我認為，安全的基礎——安全的含義——的重要性比以往任何時候都更加凸顯。我們將充分利用我們已有的一些資源。我們將充分利用我們所處的地理優勢。

We are seeing all the innovators, and we're trying them out with our design partners on the customer side. We've got new leaders in marketing. We've got new leaders in sales, and we're going to continue bringing in the best of the best in the industry to join us to do exactly what you said by the end of the year.

我們正在考察所有創新者，並與客戶方的設計合作夥伴一起測試他們。我們迎來了新的行銷領導者。我們迎來了新的銷售領導者，我們將繼續引進業內最優秀的人才加入我們，力爭在年底前實現您所說的目標。

As for the double-digit question. So I think -- again, I think we need to show -- first, we need to continue the strong momentum, the strong demand that we've seen for the -- we mentioned the CTEM. We mentioned the e-mail security, the workspace and SASE. So definitely, we need to see here -- we need to see specifically in e-mail and CTEM continued strong demand there.

至於兩位數的問題。所以我認為——再次強調，我認為我們需要證明——首先，我們需要繼續保持強勁的勢頭，以及我們對——我們提到了CTEM的強勁需求。我們提到了電子郵件安全、工作區和 SASE。所以，我們肯定需要觀察——尤其需要觀察電子郵件和 CTEM 領域是否持續強勁的需求。

As we see already, we see it in the funnel. We saw it last year. We saw it in the last few years, but -- e-mail in the last years, but CTEM specifically in 2025 and also in the funnel for next year, for 2026. But definitely, in order to be double digits, we need to grow even faster than firewall.

正如我們已經看到的，它在漏斗圖中。我們去年就看過了。過去幾年我們看到了這一點，但是——過去幾年電子郵件，特別是 2025 年的 CTEM，以及明年（2026 年）的銷售漏斗。但可以肯定的是，為了達到兩位數的成長速度，我們的成長速度需要比防火牆還要快。

I mean, we are positioned much better today on the firewall than what we've been two years ago or three years ago, I think we did a significant improvement both on the product side, also on the go-to-market Nadav talked here.

我的意思是，我們現在在防火牆方面的地位比兩年前或三年前要好得多，我認為我們在產品方面以及市場推廣方面都取得了顯著的進步，Nadav 在這裡談到了這一點。

On the go-to-market, I think we brought -- we have great leadership in the go-to-market. And I think we are positioned much better today to accelerate our growth on the firewall. Definitely, mid- to high single digit in the firewall, together with the continued strong momentum that we have in the other pillars that should bring us to double digit.

在市場推廣方面，我認為我們—我們在市場推廣方面擁有卓越的領導力。我認為，如今我們在防火牆領域的發展前景更加光明。防火牆方面肯定能達到個位數中高段，再加上其他支柱領域持續強勁的勢頭，應該能讓我們達到兩位數。

Next up is Shyam Patil, followed by Ben Bollin of Cleveland Research.

接下來是 Shyam Patil，然後是克利夫蘭研究公司的 Ben Bollin。

This is [Denil] on for Shyam. I guess with the price of memory increasing significantly of late, just -- I know you talked about potentially increasing prices, but what levers do you have to maybe try to get better deals from suppliers? And how are you looking at that as we progress through the year and try to get through sort of the shortages?

這是[Denil]代表Shyam出場。我猜想，鑑於最近內存價格大幅上漲，我知道您談到了可能會提高價格，但是您有什麼辦法可以從供應商那裡獲得更好的交易條件呢？隨著時間推移，我們逐漸克服各種短缺問題，您對此有何看法？

So I think we are working 24/7 with suppliers around the world to get better pricing. I think we are doing -- we have a great team here that's doing an amazing job in order to get the best pricing, I think. But still, we cannot avoid the situation that there is a price -- the price of the memory has increased significantly. So even if we're getting better pricing, it's still significantly higher than what we used to pay a few months ago before this trend started.

所以我覺得我們全天候與世界各地的供應商合作，以獲得更優惠的價格。我認為我們正在努力——我們這裡有一個很棒的團隊，他們為了獲得最優惠的價格，做得非常出色。但是，我們仍然無法迴避這樣​​一個事實：記憶體是有代價的——記憶體的價格已經大幅上漲。所以即使價格有所優惠，仍然比幾個月前這種趨勢開始之前的價格高得多。

But definitely, we are investing a lot on that, on getting the best pricing. And again, we're doing it. We have teams around the world that are exploring opportunities in order to get the best pricing in the market. Of course, we always want to do even better, but I think definitely, we are doing a great job there.

但可以肯定的是，我們在這方面投入了很多，以獲得最優惠的價格。我們又一次這麼做了。我們在世界各地都有團隊，正在積極尋找機會，以獲得市場上最優惠的價格。當然，我們總是希望做得更好，但我認為我們在這方面絕對做得很好。

Our last caller is going to be Patrick Colville. Ben Bollin is not on the call today.

最後一位來電者是派崔克·科爾維爾。本·博林今天沒有參加電話會議。

I'll make it a good one to close. It's actually a clarification question. Can you just, Roei, please, just go over again what drove the product revenue to be a little bit softer than we might have hoped in 4Q? And then can you just also just reclarify why the pricing benefit doesn't really hit in 1Q and then why it builds throughout the year?

我會把它完美地結束。這其實是一個需要澄清的問題。Roei，您能否再詳細說明一下，是什麼原因導致第四季度產品收入比我們預期的要低一些？那麼，您能否再解釋為什麼價格優勢在第一季沒有真正顯現，而是在一年中逐漸顯現？

So for product, most of our hardware that we are selling today, that is a significant portion of our product revenues, is sold as a bundle together with the software subscriptions -- actually with subscription. And when we announced the subscription price increase back in July, so we announced only price increase for subscription without increasing the appliances price list.

因此，就產品而言，我們目前銷售的大部分硬體（占我們產品收入的很大一部分）都是與軟體訂閱捆綁銷售的——實際上是與訂閱捆綁銷售的。7 月我們宣布訂閱價格上漲時，我們只宣布了訂閱價格上漲，而沒有提高電器價格。

From an accounting perspective -- that's more accounting, we need to allocate because the stand-alone subscription price was increased without the total price. So the allocation of the revenues are smaller to the product, to the bare hardware is allocated is smaller, and that impacts mainly Q4 because in Q3, we just announced it.

從會計角度來看——這更多的是會計方面的問題，我們需要進行分配，因為獨立訂閱價格上漲了，而總價格卻沒有上漲。因此，分配給產品的收入較少，分配給裸硬體的收入也較少，這主要影響第四季度，因為我們在第三季度才剛剛宣布了該產品。

Some of the deals were not recognized as revenues. But in Q4, we already saw that, and that had -- again, it's mainly short-term headwind. It's not going to affect our total revenues. It's more kind of headwind on our short-term product revenues, and we're going to see the benefit from the subscription over time. So again, that's in general.

部分交易未計入收入。但在第四季度，我們已經看到了這一點，而且——再說一遍，這主要是短期不利因素。這不會影響我們的總收入。這對我們的短期產品收入來說更像是一種阻力，但隨著時間的推移，我們將從訂閱模式中受益。所以，總的來說，情況就是這樣。

And your question on the price increase, so let's separate between billings and revenues. Billings, most of it, you're going to see it in the same quarter that we did the price increase. From revenues perspective, sometimes like in Infinity, in some other ELAs that we have -- we have deals that have been closed before -- I mean, in prior quarters, and we are recognized -- it's part of our backlog, and we are recognizing the revenues in future periods.

至於您提出的價格上漲問題，我們來區分一下帳單金額和收入。大部分的帳單，你會在我們提價的同一季度看到。從收入的角度來看，有時像 Infinity 這樣的項目，以及我們與其他一些 ELA 合作項目——我們有一些之前已經完成的交易——我的意思是，在之前的季度，我們已經確認了這些交易——這是我們積壓訂單的一部分，我們將在未來的期間確認這些收入。

So in that factor, you don't see the price increase in the revenues. You're not going to see that. You might see billings for new deals, but you're not going to see the main impact in the same quarter. So as I said, the main impact we start to see is from the quarter -- from Q2, which is the quarter after the price increase, on the revenues, not on the billings.

因此，從這個角度來看，價格上漲並沒有反映在收入上。你不會看到那個的。你可能會看到新交易的帳單，但你不會在同一季度看到主要影響。正如我所說，我們開始看到的主要影響是從季度開始的——從第二季度開始，也就是價格上漲後的那個季度，影響的是收入，而不是帳單金額。

All right. Thank you, everybody, for joining us. We appreciate it, and we'll see you throughout the quarter and then obviously, next quarter. Have a great day. Bye-bye.

好的。謝謝大家的參與。我們非常感謝，本季以及下個季度我們都會再見。祝你有美好的一天。再見。

Bye. Thank you.

再見。謝謝。