Check Point Software Technologies Ltd. (CHKP) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Check Point's Software 2026 second quarter financial results conference. I'm Kip Meintzer, Global Head of Investor Relations. Joining me today are Chief Executive Officer, Nadav Zafrir; and our Financial Officer, Roei Golan. Before we begin, I'd like to remind everyone that this conference is being recorded, and it will be available for replay on our website at checkpoint.com.

各位好，歡迎參加 Check Point Software 2026 年第二季財務業績電話會議。我是 Kip Meintzer，全球投資人關係主管。今天與我一同出席的有執行長 Nadav Zafrir，以及財務長 Roei Golan。在開始之前，提醒各位本次會議將被錄音，並可於我們的網站 checkpoint.com 回放收聽。

(Operator Instructions) During the presentation, Check Point’s representatives may make forward-looking statements. Forward-looking statements can relate to future events or future financial and/or operating performance. These statements involve risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statement.

(接線員指示) 在簡報期間，Check Point 的代表可能會發表前瞻性陳述。前瞻性陳述可能涉及未來事件或未來的財務及／或營運表現。這些陳述包含風險與不確定性，可能導致實際結果與前瞻性陳述中所預期者出現重大差異。

Any forward-looking statements made only as of the date hereof, Check Point Software undertakes no obligation to update publicly any forward-looking statements except where required by law. In our press release, which has been posted on our website, we present GAAP and non-GAAP results, along with the reconciliation of such results, as well as the reasons for our presentation of non-GAAP information. If you have any questions after the call, please feel free to contact investor relations by email at kip@checkpoint.com.

任何前瞻性陳述僅截至本日為止；除法律要求外，Check Point Software 不承擔公開更新任何前瞻性陳述之義務。在已發布於我們網站的新聞稿中，我們提供 GAAP 與非 GAAP 結果、相關調節表，以及我們呈列非 GAAP 資訊的原因。若您在電話會議後有任何問題，歡迎透過電子郵件 kip@checkpoint.com 聯絡投資人關係部門。

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

現在我想把電話會議交給 Nadav Zafrir。

Okay. And thank you all for joining us today. Our Q2 results were in line with our expectations, and we continued to make tangible progress strengthening our go-to-market organization. We’re actually encouraged by improving execution and a growing sales pipeline. We expect Q3 to mark the trough, followed by a stronger Q4 that supports second half performance, and we are maintaining our 2026 guidance.

好的。感謝各位今天加入我們。我們第二季的結果符合預期，並持續在強化我們的市場推進（go-to-market）組織方面取得具體進展。我們確實受到鼓舞，因為執行力正在改善，銷售管線也在成長。我們預期第三季將觸底，之後第四季轉強以支撐下半年表現；我們維持 2026 年的財測指引不變。

As a next step, we are significantly expanding our sales capacity by hiring hundreds of additional salespeople. We’ve launched a focused hiring campaign reflecting our confidence in the long-term growth opportunity.

下一步，我們將透過增聘數百名額外的業務人員，大幅擴充銷售產能。我們已啟動一項聚焦的招募計畫，反映我們對長期成長機會的信心。

Over the past few weeks, I met with more than 1,000 security leaders at Check Point Engage events in Chicago, Paris, and Singapore. Their message is consistent and unmistakable. Our industry is at an inflection point. AI, and particularly the latest frontier model, is driving a collapse in scarcity of adversarial capabilities.

在過去幾週，我在芝加哥、巴黎與新加坡的 Check Point Engage 活動中，與超過 1,000 位資安領導者會面。他們傳達的訊息一致且明確。我們的產業正處於轉折點。AI，尤其是最新的前沿模型，正在推動對手能力稀缺性的崩解。

This is democratizing and industrializing sophisticated cyberattacks and challenging many of the assumptions that have guided cybersecurity for decades. We cannot stop AI adoption, and we must prepare to defend against sophisticated attacks at unprecedented scale. This is a time for decisive action.

這正在使高階網路攻擊「民主化」與「工業化」，並挑戰數十年來指引資安領域的許多假設。我們無法阻止 AI 的採用，因此必須準備好在前所未有的規模下，防禦複雜攻擊。現在是果斷行動的時刻。

At Check Point, securing our customers’ AI transformation means executing the fundamentals better than ever while building the next generation of cybersecurity, and we must do it in parallel. The fundamentals start with prevention, powered by our ThreatCloud AI intelligence, more than 100 AI agents, and telemetry from millions of enforcement points.

在 Check Point，確保客戶的 AI 轉型安全，意味著我們必須比以往更好地落實基本功，同時打造下一代資安能力，而且必須並行推進。基本功始於「預防」，由我們的 ThreatCloud AI 情資、超過 100 個 AI 代理，以及來自數百萬個執行點的遙測資料所驅動。

Prevention-first security is in our DNA. But fundamentals alone are no longer enough. We must build security that operates at machine speed, learns continuously, and evolves as AI evolves. And so today, I’m excited to introduce the industry’s first AI Network Firewall.

以預防為先的安全理念深植於我們的 DNA。但僅有基本功已不再足夠。我們必須打造能以機器速度運作、持續學習，並隨著 AI 演進而演進的安全能力。因此今天，我很興奮地向各位介紹業界第一款 AI 網路防火牆。

We believe AI has created a new class of network traffic, and it deserves a new class of firewall. The AI Network Firewall gives customers visibility, control, and security for prompts, agent actions, and model interactions.

我們相信 AI 創造了一種新的網路流量類別，而它值得一種新的防火牆類別。AI 網路防火牆可為客戶提供對提示（prompts）、代理行動（agent actions）與模型互動（model interactions）的可視性、控制力與安全性。

The AI Network Firewall is a part of our AI Defense Plane. It’s a full stack AI security platform continuously trained on our threat research and intelligence and built to protect applications, users, and agents from AI-based attacks.

AI 網路防火牆是我們 AI 防禦平面（AI Defense Plane）的一部分。它是一個全堆疊的 AI 安全平台，持續以我們的威脅研究與情資進行訓練，並用於保護應用程式、使用者與代理免受 AI 型攻擊。

With the release of the AI Network Firewall, we’re embedding the AI Defense Planes across networks, private and public cloud, and SASE, giving network security teams control they can put in place today. Beyond AI demand, across our emerging technologies portfolio remains healthy.

隨著 AI 網路防火牆的發布，我們正將 AI 防禦平面嵌入各類網路、私有與公有雲，以及 SASE，讓網路安全團隊能立即部署並取得控制力。除了 AI 需求之外，我們的新興技術產品組合整體仍維持健康。

Subscription revenue grew 12% year-over-year in Q2, and we continue to integrate the capabilities from our recent acquisitions across the platform, strengthening our competitive position and expanding the value we deliver to customers.

第二季訂閱營收年增 12%，我們也持續將近期收購所取得的能力整合至平台之中，強化競爭地位並擴大我們為客戶帶來的價值。

We’re building momentum by expanding our go-to-market capacity and strengthening our product portfolio. The launch of our AI Network Firewall, combined with our AI Defense Plane, reinforce Check Point’s mission of securing our customers’ AI transformation. We remain focused on disciplined execution, accelerating growth, and delivering long-term value for our customers, our partners, employees, and shareholders.

我們正透過擴大市場推進能力並強化產品組合來累積動能。AI 網路防火牆的推出，結合我們的 AI 防禦平面，進一步鞏固 Check Point「守護客戶 AI 轉型安全」的使命。我們將持續專注於紀律化執行、加速成長，並為客戶、合作夥伴、員工與股東創造長期價值。

And with that, I’ll turn over the call to Roy to review the financials.

接下來我把電話會議交給 Roy，請他回顧財務表現。

Thank you, Nadav. One moment. Great. So thank you, Nadav, and thank you everyone for joining the call. As Nadav mentioned, the second quarter was as planned with 1% growth in revenues, driven by 12% growth in subscription revenues.

謝謝你，Nadav。稍等一下。很好。因此，謝謝 Nadav，也謝謝各位加入本次電話會議。如 Nadav 所提到，第二季表現符合規劃，營收成長 1%，主要由訂閱營收年增 12% 所帶動。

Our total revenues reached $674 million, and we’re $1 million below the midpoint of our projection as a result of lower product revenues, a lower demand for firewall appliances. When we’re looking at our subscription revenues, it reached $333 million, and we’re at the midpoint of our projections. Our adjusted free cash flow reached $161 million, $1 million above the midpoint of our projection, and represent 24% of our revenues.

我們總營收達 6.74 億美元，較我們預測區間中點低 100 萬美元，原因是產品營收較低、防火牆設備需求較弱。就訂閱營收而言，達 3.33 億美元，落在我們預測的中點。我們的調整後自由現金流達 1.61 億美元，較預測中點高 100 萬美元，約占營收的 24%。

Our non-GAAP EPS was $2.55 per diluted shares and exceeded our guidance and grew by 8% year-over-year. As mentioned, we had 1% growth in revenues, while our deferred revenues grew by 7% to $2.025 billion.

我們的非 GAAP 每股盈餘（EPS）為每股稀釋後 2.55 美元，超出指引，並年增 8%。如前所述，營收成長 1%，同時遞延營收年增 7% 至 20.25 億美元。

Our calculated billing totaled to $639 million and was similar to last year. While our current calculated billing grew by 2% to $641 million. Our Remaining Performance Obligation grew by 7% and reached $2.55 billion. Our current RPO reached $1.6 billion and representing 4% increase compared to last year.

我們的計算帳單金額（calculated billing）合計為 6.39 億美元，與去年相近。而我們的當期計算帳單金額年增 2% 至 6.41 億美元。我們的剩餘履約義務（RPO）年增 7%，達 25.5 億美元。我們的當期 RPO 達 16 億美元，較去年增加 4%。

As we indicated in the call back in May, we expected lower product revenues, mainly as a result of our disruption affected by the changes were made in the go-to-market organization. Our product revenues declined by [14%] in the second quarter.

正如我們在 5 月的電話會議中所指出，我們預期產品營收會較低，主要是因市場推進組織變革所造成的干擾影響。第二季產品營收下滑 [14%]。

As we are looking on the second half of the year, we do expect to see similar trend in the third quarter with our firewall appliances, while we do see significant improvement in our pipeline, in the opportunities, in the qualified opportunities in Q4. And we do expect to see a back to growth in product revenues in the fourth quarter.

展望下半年，我們確實預期第三季在防火牆設備方面會延續類似趨勢；同時我們也看到管線、機會數量，以及第四季的合格機會（qualified opportunities）有顯著改善。我們預期第四季產品營收將回到成長。

We are looking on the subscription revenues, it continued to accelerate to 12% growth this quarter, driven by the strong demand for our emerging technologies, as email security and CTEM continue to have strong demand. We are looking on the third quarter, we do expect slight deacceleration in our subscription revenues as a result of large appliances deals that were pushed from Q3 to Q4 and have also an impact on our subscription line item.

就訂閱營收而言，本季持續加速至 12% 的成長，主要由新興技術的強勁需求所帶動，例如電子郵件安全與 CTEM 仍維持強勁需求。展望第三季，我們預期訂閱營收將略為減速，原因是部分大型設備交易由第三季遞延至第四季，並同樣影響我們的訂閱營收項目。

As indicated, our total subscription business continued to be strong as we continue to experience strong demand for our emerging product portfolio, which remains the primary driver for our revenues growth. In the second quarter, if we’re looking on the email security, CTEM, and AI security, accumulated they exceeded 40% growth in ARR year-over-year, while the calculated billing from these products grew by 35% year-over-year.

如先前所述，我們的訂閱業務整體仍然強勁，因為我們持續看到對新興產品組合的強勁需求，而這仍是推動我們營收成長的主要動力。在第二季，若看電子郵件安全、CTEM 與 AI 安全，合計其 ARR 年增超過 40%，同時這些產品的計算帳單金額年增 35%。

Looking on our revenues by geographies. So our revenues from EMEA and America were 44% each, for the second quarter, while the remaining 12% came from Asia Pacific, similar to what we had last year. We are reviewing, we are looking on our P&L for this quarter. So our gross profit increased from $585 million to $588 million, representing a gross margin of 87%. The slight decrease in the gross margin was explained due to higher memory costs.

接著看我們按地區劃分的營收。第二季來自 EMEA 與美洲的營收各占 44%，其餘 12% 來自亞太地區，與去年相近。我們再來看本季的損益表。我們的毛利由 5.85 億美元增加至 5.88 億美元，毛利率為 87%。毛利率小幅下降主要是因為記憶體成本較高。

Our operating expenses, excluding R&D grants, increased by 13%, while on constant currency basis, our operating expenses increased by 11%. Our Q2 results include approximately $28 million of benefit from R&D grants to be received from the Israeli government. We are looking on our operating expenses, net of R&D grants, the expenses were $328 million and increased by 5% year-over-year. The net increase is primarily as a result of increase in our workforce and as a result in continuing investment in AI security and investment in our sales and marketing programs.

我們的營業費用（不含研發補助）增加 13%；若以固定匯率計算，營業費用增加 11%。我們第二季結果包含約 2,800 萬美元的研發補助利益，該補助將由以色列政府提供。若看扣除研發補助後的營業費用，費用為 3.28 億美元，年增 5%。淨增加主要來自員工人數增加，以及我們持續投資於 AI 安全，並投入銷售與行銷計畫。

Looking on the operating income, it continues to be strong at $260 million or 39% operating margin. Our non-GAAP net income increased by 1% and reached $264 million, while our GAAP net income reached $194 million and decreased by 4% year-over-year. Our non-GAAP EPS grew by 8% and reached $2.55. 8%, as I said, growth year-over-year, while our GAAP EPS was $1.87, a 2% increase year-over-year.

再看營業利益，仍維持強勁，為 2.60 億美元，營業利益率 39%。我們的非 GAAP 淨利年增 1% 至 2.64 億美元；GAAP 淨利為 1.94 億美元，年減 4%。非 GAAP 每股盈餘（EPS）年增 8% 至 2.55 美元；如我所說，為年增 8%，而 GAAP EPS 為 1.87 美元，年增 2%。

Our number of fully diluted outstanding shares for Q2 was 103.5 million shares. While we continue to do our buyback, we expect the number of shares for the next quarter to decrease by approximately 1.5 million shares.

第二季完全稀釋後流通在外股數為 1.035 億股。在我們持續進行庫藏股回購的情況下，我們預期下季股數將約減少 150 萬股。

Moving into our cash flow and cash positions. So our cash balances as of the end of the quarter was $4.2 billion of cash and marketable securities and deposits. Our adjusted free cash flow reached $161 million, as planned and in line with our projections. We also continue to do our buyback program and purchased approximately 2.5 million shares for $325 million this quarter at an average price of $131 per share. During the quarter, the company announced also a $2 billion expansion of the company share repurchase program. So we’re going to continue to do this buyback.

接著看現金流與現金部位。截至季末，我們的現金餘額為 42 億美元，包含現金、可出售證券與存款。我們的調整後自由現金流達到 1.61 億美元，符合規劃並與我們的預測一致。我們也持續執行回購計畫，本季以每股平均 131 美元的價格回購約 250 萬股，總金額 3.25 億美元。本季公司亦宣布將股份回購計畫擴大 20 億美元。因此我們將持續進行此回購。

Next, to summarize, from one end, definitely strong demand, continued strong demand for emerging technology led by email security and CTEM, that’s becoming more and more significant to our total business. On the other end, we did see, as expected, lower demand for firewall appliances this quarter. As I mentioned, we do expect similar trend to continue also in Q3, but definitely we do somee significant improvement on the appliances business in Q4, and we do expect to be back to growth in Q4 in the product revenues.

接下來總結一下，一方面，新興技術需求明顯強勁，尤其由電子郵件安全與 CTEM 帶動，且對我們整體業務的重要性愈來愈高。另一方面，本季我們如預期看到防火牆設備需求較弱。如我提到的，我們預期第三季也會延續類似趨勢，但我們確實預期第四季設備業務將有顯著改善，且我們預期第四季產品營收將回到成長。

We’re going to move to the guidance, to the business outlook. So first, regarding the full year, we are not touching the full year guidance. We are maintaining the same guidance as we gave you back in May, in the last call.

接著我們進入財測與業務展望。首先，關於全年，我們不調整全年指引。我們維持與 5 月上次電話會議所提供的相同指引。

Looking on the Q3 outlook, so the total revenue range is between $655 to $685. Subscription revenue between $332 to $343. Non-GAAP EPS between $2.43 to $2.53, and the GAAP EPS is $0.70 less. And our adjusted free cash flow expected to be between $235 million to $265 million.

再看第三季展望，總營收區間為 6.55 億至 6.85 億美元。訂閱營收為 3.32 億至 3.43 億美元。非 GAAP EPS 為 2.43 至 2.53 美元，而 GAAP EPS 低 0.70 美元。調整後自由現金流預期為 2.35 億至 2.65 億美元。

It is important to note, as I mentioned earlier, that we do see significant DAF opportunities and deals that are expecting to be pushed from Q3 to Q4 and therefore that have a negative impact mainly on the appliances revenues.

需要特別注意的是，如我先前提到的，我們確實看到顯著的 DAF 機會與交易，預期將由第三季遞延至第四季，因此主要對設備營收造成負面影響。

And as I said, if I’m comparing to what we’ve seen in the pipeline for Q4 in May and now, definitely we do see even stronger pipeline for Q4. Definitely, it’s a more back-ended loaded deal. It’s also is a reflection of the go-to-market disrupting that we’ve done.

如我所說，若我比較 5 月時我們看到的第四季管線與現在的情況，我們確實看到第四季的管線更強。很明顯，交易更偏向在期末集中落地。這也反映了我們所做的 go-to-market（市場進入策略）調整所帶來的擾動。

Definitely we do see a positive sign, first, of course, with the emerging product that continue to have a strong demand. And also with the appliances and the firewall, we see positive signs that we are seeing the end in Q3 in terms of the decline and going back to growth in Q4. Thank you, and we are moving to Q&A.

我們確實看到正面訊號，首先當然是新興產品持續維持強勁需求。此外在設備與防火牆方面，我們也看到正面跡象：第三季的下滑可望告一段落，並在第四季回到成長。謝謝，接下來進入問答。

Kip, floor is yours. We can’t hear you, Kip.

Kip，交給你了。我們聽不到你，Kip。

That’d be good. Probably most people appreciate that. As with always, please keep your question to one question for each time around. Today, to begin, we’re going to have Joseph Gallo from Jefferies, followed by Patrick Colville from Scotiabank.

那會很好。可能大多數人會很感激。一如往常，請每次輪到你時只問一個問題。今天首先由 Jefferies 的 Joseph Gallo 開始，接著是 Scotiabank 的 Patrick Colville。

Hey, guys. Thanks for the question. It was great to hear about the investment in sales capacity. Can you just remind us what the normal cadence of sales ramp to productivity is? I’m just trying to understand better the confidence in a 4Q rebound when hiring today would be more indicative of 2027’s benefit.

嗨，各位。謝謝讓我提問。很高興聽到你們在銷售產能上的投資。能否提醒我們，銷售人員從到職到提升至生產力的正常節奏（ramp）大概是怎樣？我只是想更了解，當今天的招募更可能反映在 2027 年的效益時，你們對第四季反彈的信心從何而來。

Yeah. Thanks, Joe. The latter. So the impact to sales is expected in Q1 and Q2 of 2027. So the guidance and what we’re expecting for Q3 and Q4 does not take into consideration the ramp-up. The ramp-up obviously has its momentum, but it’s going to take some time. However, it is very significant.

是的。謝謝，Joe。是後者。因此，對銷售的影響預期會在 2027 年第一季與第二季顯現。所以我們對第三季與第四季的指引與預期，並未把這次 ramp-up 的貢獻納入考量。當然，ramp-up 會帶來動能，但需要一些時間。不過，這是非常重大的。

For us, hiring hundreds of new frontline sellers is a major move. I don’t know if you’ve seen it. I hope you have. We’ve started an aggressive campaign, so it’s (technical difficulty). That is sort of preparing for a stronger 2027.

對我們而言，招募數百位新的第一線銷售人員是一個重大舉措。我不知道你是否有看到。我希望你有。我們已開始一項積極的招募活動，所以這是（技術問題）。這算是在為更強勁的 2027 年做準備。

Thank you.

謝謝。

Alright. Next up’s Patrick Colville, followed by John DiFucci.

好的。接下來是 Patrick Colville，之後是 John DiFucci。

Thank you, Kip. I guess I wanted to ask about kind of Mythos preparedness and advanced AI preparedness. There’s a lot of excitement in the market around what advanced AI means for cybersecurity. You kind of touched on this in your prepared remarks a little bit, but just vis-a-vis Check Point specifically, are you seeing changes in buying patterns as a result of enterprises kind of concerned about the risks brought on by advanced AI models? Then, I guess, specifically, where is that hitting the financial model? Is it at the firewall layer for Check Point? Is it the non-attach subs and any changes to sales cycles?

謝謝你，Kip。我想問的是關於 Mythos 的準備度以及進階 AI 的準備度。市場對於進階 AI 對資安意味著什麼有很多期待。你們在事先準備的談話中稍微提到了一點，但就 Check Point 而言，你們是否看到企業因擔心進階 AI 模型帶來的風險，而出現採購模式的改變？另外，具體來說，這會如何反映在財務模型上？對 Check Point 而言，是在防火牆層面受到影響嗎？還是體現在非附加型訂閱（non-attach subs）以及銷售週期的任何變化？

Yeah. Great question. If you zoom out, really, the phenomena that we’re seeing is very interesting. When you think about it from the attacker’s perspective, you want to think about it from an ROI perspective. So the way we see it is the attackers now have access to resources that they didn’t have before. That’s what we call the collapse of scarcity.

是的。好問題。如果把視角拉遠來看，我們正在看到的現象非常有意思。從攻擊者的角度來思考，你會從投資報酬率（ROI）的角度來看。所以我們的觀察是，攻擊者現在能取得他們以前沒有的資源。這就是我們所說的「稀缺性的崩解」。

They literally have access to what used to be very scarce resources, and that’s sort of what leads into the democratization and industrialization. We’re going to see more sophisticated attacks at a much higher cadence. That is happening already, but we think it’s going to accelerate within the next couple of years.

他們確實能取得過去非常稀缺的資源，而這也某種程度上導向了民主化與工業化。我們將會看到更精密的攻擊，以更高的頻率發生。這已經在發生了，但我們認為在接下來幾年會加速。

So when you think about the security paradigm or the assumptions that we have around security, we’re seeing signs that some of these assumptions and the current paradigm does not necessarily withstand the change that’s coming from the attackers. And that leads us to, like in a Kuhnian way, to really a world between true paradigms.

所以當你思考安全的典範，或我們對安全所抱持的假設時，我們看到一些跡象顯示：其中一些假設與現行典範，未必能承受攻擊者帶來的變化。而這也讓我們——有點以庫恩（Kuhn）的方式來說——進入一個介於真正典範之間的世界。

So that’s what I mean when I say, number one, going back to fundamentals. This is the proactive prevention first. That’s our DNA. That’s where we shine. That’s what our customers expect from us. And we have to do everything that we have learned, just much better, much faster, much more diligently. At the same time, in parallel, we have to look into the future. We have to imagine different possible futures, give them different probabilities, and start simulating how the attackers are going to change.

所以這就是我所說的第一點：回到基本功。這是以主動式預防為先。這是我們的DNA。這是我們最擅長的地方。這也是客戶對我們的期待。我們必須把我們學到的一切做得更好、更快、更嚴謹。同時，並行地，我們也必須看向未來。我們必須想像不同的可能未來，賦予它們不同的機率，並開始模擬攻擊者將如何改變。

For example, we believe that detection and response are going to be much less relevant because we’re going to have to go to automatic remediation at machine speed. And so we’re making massive investments. Last year, we spoke about hiring hundreds of new individuals to build the next generation. Today, we announced the launch of the first AI Network Firewall integrated into our AI Defense Plane, and there’s a whole strategy around that.

例如，我們相信偵測與回應的重要性會大幅降低，因為我們必須走向以機器速度進行自動修復（automatic remediation）。因此我們正在進行大規模投資。去年我們談到要招募數百位新同仁來打造下一代。今天，我們宣布推出第一個AI網路防火牆（AI Network Firewall），並將其整合進我們的AI防禦平面（AI Defense Plane），而且背後有一整套策略。

Now to your question about the buyer’s perspective, I think that they realize that on the one hand, back to basics, and at the same time, they’re looking to what’s next. So I’ll give you a couple of examples. I think the continuous threat exposure management, based on three acquisitions that we made, that is growing.

回到你關於買方視角的問題，我認為他們意識到：一方面要回歸基本功，同時也在看下一步是什麼。我舉幾個例子。我認為持續性威脅曝險管理（CTEM），基於我們做的三項併購，正在成長。

Last quarter, we spoke about that growing at almost 100%, is a part of that. Why? Because it gives you the ability to understand what’s coming at you, but also creating a real pathway to understand what the real threats mean, and automatically remediating that in an open platform approach. And that’s why CTEM, for example, is having such success.

上個季度我們提到它幾乎以接近100%的速度成長，這就是其中一部分。為什麼？因為它讓你有能力理解即將面臨的攻擊，同時也建立一條真正的路徑，去理解「真實威脅」代表什麼，並以開放平台的方式自動修復。這也是為什麼例如CTEM能取得如此成功。

At the same time, the reason I’m so excited about the AI Network Firewall is that it’s also happening at the network level. Customers that already have our firewall can now also take advantage of the network to understand what their employees are doing, what agents are running, and control that.

同時，我之所以對AI網路防火牆如此興奮，是因為這也正在網路層發生。已經使用我們防火牆的客戶，現在也能利用網路來了解員工在做什麼、有哪些代理程式（agents）在運行，並加以控管。

I really think to summarize, it’s sort of a tale of two cities. On the one hand, everything that we’ve learned, we must do better than we’ve ever done before. At the same time, we’re creating the new technology, the new products.

我認為總結來說，這有點像「雙城記」。一方面，我們學到的一切都必須做得比以往更好。同時，我們也在打造新技術、新產品。

I think within the next couple of years, you’ll see a new paradigm emerging. So that’s sort of the story of where we are right now. I think that in some way, some of the frontier models may be hyped, but the phenomena as a phenomena cannot be overhyped.

我認為在接下來幾年內，你會看到一個新的典範正在浮現。這大概就是我們目前所處位置的故事。我認為在某種程度上，一些前沿模型可能被炒作，但這個現象本身是無法被過度炒作的。

So we’re seeing it in a very tactical level in the amount of vulnerabilities that are out there, and how fast we need to patch them. So that’s what we’re doing today. As we move forward, we need to change that paradigm, and we’re working on this in different buckets. And the last one is actually running these models on our own software, to make sure that we can simulate, imagine, and get ahead of the curve before attackers do it.

所以我們在非常戰術層面上看到它：外部存在的漏洞數量，以及我們需要多快去修補它們。這就是我們今天在做的事。往前走，我們需要改變那個典範，而我們正以不同的面向來推進。最後一個面向其實是在我們自己的軟體上運行這些模型，以確保我們能在攻擊者之前進行模擬、想像，並走在趨勢曲線之前。

Alright. Next up is John DiFucci, followed by Brian Essex.

好的。接下來是John DiFucci，之後是Brian Essex。

Thanks, Gabe. Nadav, I sort of have a high-level question, I think. Check Point’s always been a respected technology company and a thought leader in its field. Long before the term platformization came out, I remember your predecessor talking about the Infinity platform, and I know it became products too, but it was -- a platform.

謝謝，Gabe。Nadav，我想我有一個偏高層的問題。Check Point一直是一家備受尊敬的科技公司，也是其領域的思想領袖。在「平台化（platformization）」這個詞出現很久以前，我記得你的前任就談過Infinity平台；我知道它後來也成為產品，但它——是一個平台。

It was the first time we had heard about one company working to secure an enterprise from top to bottom. Even today, partners in the field acknowledge the strength of the technology at Check Point, but there seems to be a customer perception of the sort of dreaded word, legacy, even though your install base is really loyal and pretty much Check Point diehards.

那是我們第一次聽到有一家公司致力於從上到下保護一家企業。即使到今天，業界的合作夥伴也認可Check Point技術的強大，但似乎客戶端存在一種對那個令人畏懼的詞——「老舊（legacy）」——的觀感，儘管你們的裝機基礎其實非常忠誠，幾乎都是Check Point的死忠。

I guess, what is it, other than hiring a lot of new go-to-market people, that you think has to be done to change that perception? Because that’s really important. That’s hard. And is the issue really just not enough feet on the street?

我想問的是，除了大量招募新的市場推進（go-to-market）人員之外，你認為還需要做什麼才能改變那種觀感？因為那真的很重要。而且很難。問題真的只是前線人力不夠嗎？

No, I think it goes beyond that. Not enough feet on the street is one thing, and that’s why we started this campaign. This is a second phase of the go-to-market changes that we announced last time. So now that we’ve stabilized, we’re ready to add hundreds of new people based on the new model in the organization or the reorg that we announced.

不，我認為不只如此。前線人力不夠是一個因素，這也是我們啟動這個行動的原因。這是我們上次宣布的市場推進變革的第二階段。所以現在我們已經穩定下來，準備依據我們宣布的新組織模式或重組（reorg），再新增數百位新同仁。

I think second, it’s marketing, right? So we need to be louder. I really believe that when it comes to this world that we’re walking into -- this world where on the one hand, security, real security, proactive prevention, has never been more important. I think that’s our DNA, and I think we can provide real security based on the current paradigm. And at the same time, the announcement of the first AI Network Firewall, it’s a big announcement.

我認為第二點是行銷，對吧？所以我們需要更大聲。我真的相信，當我們走進這個世界——一方面，安全、真正的安全、主動式預防，從未如此重要。我認為那是我們的DNA，我也認為我們能在現行典範下提供真正的安全。同時，宣布第一個AI網路防火牆，這是一個重大的宣布。

It’s taking the firewall and preparing it for the AI era. But not as a standalone, to your point, but as a platform play, and this is where integrating the AI Network Firewall into the AI Defense Plane and having the ability to look at different choke points within the network, not just for observability, but also for enforcement, is a huge advancement. And we are seeing the demand for our AI capabilities grow very, very fast.

這是在把防火牆帶向AI時代並為其做好準備。但不是作為單一產品——如你所說——而是作為平台策略；這也是把AI網路防火牆整合進AI防禦平面，並具備在網路內不同關鍵節點（choke points）進行觀測，不僅是可觀測性（observability），也能進行強制執行（enforcement）的能力，這是一項巨大的進展。而我們也看到市場對我們AI能力的需求正在非常、非常快速地成長。

In fact, some of the hiring that we’re doing across the globe is because we just can’t get to enough customers fast enough with the high demand that we have, because this is a specialized field where you need people, the specialists, that can come in and do all the more technical stuff for our customers. And when you bring all these things together, it makes us very optimistic about the future.

事實上，我們在全球各地進行的一些招募，是因為在需求非常強勁的情況下，我們就是無法以足夠快的速度觸及足夠多的客戶；因為這是一個專業領域，你需要具備專業能力的人才——專家——能夠進來為客戶處理更技術性的工作。而當你把這些因素綜合起來時，會讓我們對未來非常樂觀。

One thing that I’ll say about the platform, yes, consolidation is important, but I think it needs to be an open platform, right? And so an open platform means that we acknowledge the fact that, number one, from the approach should not be a monolithic approach, especially at the enterprise level. That’s not going to lead to resilience.

關於平台我想說的一點是，沒錯，整合很重要，但我認為它必須是一個開放式平台，對吧？所謂開放式平台，意味著我們承認一個事實：第一，在方法上不應該是單體式（monolithic）的做法，尤其是在企業級層面。那樣不會帶來韌性。

Number two, whether we like it or not, a lot of our customers are going to be multi-vendor, and we need to appreciate that and have their security front and center in our policy. And so with our unified management, which I think is one of the strongest features that Check Point has, within the next few months, we’re going to offer our customers the ability to manage different products and different firewalls, even if they’re our fiercest competitors.

第二，不管我們喜不喜歡，很多客戶都會採用多供應商（multi-vendor）架構，我們需要理解這一點，並在我們的政策中把他們的安全放在最核心的位置。因此，憑藉我們的統一管理——我認為這是 Check Point 最強的功能之一——在接下來幾個月內，我們將提供客戶管理不同產品與不同防火牆的能力，即使那些產品來自我們最強勁的競爭對手。

Because at the end of the day, especially in the Mythos era, we just don’t have the time to take care of things one by one with an SLA of days and weeks. We need to be able to see what’s coming. We need to be able to understand what the real impact may be. We’re using AI to do that, to actually simulate the paths to the vulnerabilities that we’re seeing.

因為歸根結底，尤其是在 Mythos 時代，我們根本沒有時間以「一件一件處理」的方式、用以天或以週計的 SLA 來照看所有事情。我們需要能夠看見即將發生的事情。我們需要能夠理解真正可能造成的影響。我們正在使用 AI 來做到這一點，實際上去模擬我們所看到的漏洞可能被利用的路徑。

And then we’re moving into an automatic remediation capability, whether it’s patching or virtual patching or segmenting or segregation within the network, so that at the end of the day, we can have this real proactive prevention first mentality, and at the same time, starts with the new paradigm of autonomous remediation.

接著我們正邁向自動化修復能力，不論是打補丁、虛擬補丁，或是在網路內進行分段或隔離；如此一來，最終我們就能真正建立「主動預防優先」的思維，同時也以自主修復（autonomous remediation）的新典範作為起點。

By the way, that makes a ton of sense, and it’s truly unique, that open platform to work with others, and it’s in the customer’s best interest. I think you got to have Roy loosen up that marketing budget a little more and go out there really loud. Have Kip run the marketing because he’s pretty loud.

順帶一提，這非常合理，而且確實很獨特——那種能與他人合作的開放平台，符合客戶的最大利益。我覺得你得讓 Roy 把行銷預算再放鬆一點，然後更大聲地對外宣傳。讓 Kip 來跑行銷，因為他聲音很大。

Yeah. No, I totally agree. And it's -- some of it is already happening. Some of it is work in progress. I think we’re starting to see the impact. We’re starting to see that turn into the funnel. As Roy said, we’re already seeing a very strong Q4 ahead of us.

是的。不，我完全同意。而且——其中一些已經在發生。有些仍在進行中。我想我們開始看到影響了。我們開始看到它轉化到漏斗中。正如 Roy 所說，我們已經看到前方有一個非常強勁的第四季。

Thank you.

謝謝。

Alright. Thank you, John. Next up is Brian Essex with JPMorgan.

好。謝謝你，John。接下來是摩根大通（JPMorgan）的 Brian Essex。

Great. Thanks, Kip, and thanks for taking the question. Nadav, I wanted to follow up on some of that commentary, particularly with regard to platform in your AI firewall. I think it’s great to see the innovation of the platform. I think that’s another thing that we’ve heard customers are really focused on is the rate of innovation to build that platform.

太好了。謝謝你，Kip，也謝謝讓我提問。Nadav，我想就你剛才的一些評論追問一下，特別是關於你們 AI 防火牆中的平台部分。很高興看到平台的創新。我認為我們也聽到客戶非常關注的另一點，是打造該平台的創新速度。

Would love to know, what is your vision in terms of how you see the AI firewall technology stacking up against what seems to be an emerging AI gateway market? Are you targeting platforms that span. I mean, I guess, are you thinking about expanding the platform to span across broader observability, tracing, performance optimization, cost control features, which is one thing that I think sales are very focused on, or do you intend to stick towards more security and governance? It seems like maybe some of your peers are looking at things more of in a consolidated, broader observability and security platform, would love to know what your focus is going forward.

很想了解，你對 AI 防火牆技術相較於看起來正在浮現的 AI 閘道（AI gateway）市場，有什麼樣的願景？你們是否在瞄準跨越多個領域的平台。我的意思是，你們是否在考慮把平台擴展到更廣泛的可觀測性（observability）、追蹤（tracing）、效能最佳化、成本控制等功能——我認為這也是銷售端非常關注的一點——還是你們打算更聚焦在安全與治理？看起來你們的一些同業正朝向更整合、更廣泛的可觀測性與安全平台發展，很想知道你們未來的重點會是什麼。

Yeah. I want to start by saying that we need some, I would say, humility as we try to understand where this is going. There are different possible futures in where this is going. And I think we must look at it from different perspectives.

是的。我想先說，我們在試圖理解這將走向何方時，需要一些——我會說——謙遜。這可能會走向不同的未來。我認為我們必須從不同角度來看待。

One perspective, which I spoke about at length, is the attacker’s perspective. The second perspective is different industries and how they are adopting AI. So again, a lot of hype, but it’s a process. There’s a lot of trial and error within this process of adoption of AI, whether it’s the bread and butter that all of us have already.

其中一個角度，我已經詳細談過，是攻擊者的角度。第二個角度是不同產業，以及它們如何採用 AI。所以再說一次，雖然有很多炒作，但這是一個過程。在採用 AI 的過程中有大量的試錯，不論是我們大家已經在用的那些基本應用。

It’s the employee usage of AI, moving into independent agents that in the beginning take over some of the human, more redundant, mundane, day-to-day tasks, but over time, becoming more and more independent and autonomous. That’s where the game changes, not only from the attacker’s perspective, but also from the attack surface.

包括員工對 AI 的使用，進一步走向獨立代理（independent agents）：一開始接手一些人類較重複、較瑣碎的日常工作，但隨著時間推移，變得越來越獨立、越來越自主。這就是遊戲規則改變的地方——不僅從攻擊者的角度，也是從攻擊面（attack surface）的角度。

Having said all that, our mission remains securing the AI adoption journey. And the way we approach this is with our customers. We have a design partner program, with different industries, with different verticals, because health is different than finance, and finance is different than energy, and energy is different than production and logistics.

話雖如此，我們的使命仍然是確保 AI 採用旅程的安全。而我們的做法是與客戶一起推進。我們有一個設計合作夥伴（design partner）計畫，涵蓋不同產業、不同垂直領域，因為醫療不同於金融，金融不同於能源，而能源又不同於製造與物流。

For each one of them, we have to sit down with our customers, understand where they’re going in the next couple of years, simulate what kind of the new threats emerge from that, and coming up with the right mechanisms to govern, to control, and to secure these new capabilities so that on the one hand, they can deploy it, but from a different perspective, they can do it with security in mind.

對於每一個領域，我們都必須與客戶坐下來，了解他們未來幾年的方向，模擬由此會出現哪些新威脅，並提出正確的機制來治理、控制並保護這些新能力；如此一來，一方面他們可以部署，另一方面也能以安全為前提來部署。

Now, being very direct to your question, Brian, we are focusing on the security part, but security is becoming much broader than just observability. Observability in many ways, when you think about the next paradigm or the emerging paradigm, doesn’t really matter, because going to the SOC or to the CISO or to the VP of Engineering and giving them a list of things that may go wrong is not going to help them.

現在直接回答你的問題，Brian，我們聚焦在安全這一塊，但安全正變得比單純的可觀測性更廣。在很多方面，當你思考下一個典範或正在形成的典範時，可觀測性其實並不那麼重要，因為把一份「可能出問題的清單」丟給 SOC、CISO 或工程副總裁，並不會幫到他們。

We need to be able to autonomously remediate. And so we’re building those capabilities, but at the end of the day, we’re not looking to go beyond the security level. We think security is very broad, very deep. We’re building very deep capabilities. But when you think about controlling this from a cost perspective that’s not necessarily where we’re going. Of course, when you have the observability, you can add that to it.

我們需要能夠自主地進行修復。因此我們正在打造這些能力，但歸根結底，我們不打算超出安全的範疇。我們認為安全非常廣、也非常深。我們正在建立非常深的能力。但如果你從成本控制的角度來看，這不一定是我們要走的方向。當然，當你具備可觀測性時，你可以把它加進來。

Alright. Super helpful. Thank you.

好的。非常有幫助。謝謝。

Thanks, Brian. Next up is Todd Weller, followed by Adam Tyndall.

謝謝你，Brian。接下來是 Todd Weller，之後是 Adam Tyndall。

Thanks. Nadav, I’d love to get your perspectives on potential AI tailwinds for the network security business. There’s different kind of angles to this. There’s AI application and infrastructure deployments related to that, AI data centers, and then there’s an angle around potentially increasing traffic volumes and spectrum requirements.

謝謝。Nadav，我很想聽聽你對 AI 可能為網路安全業務帶來的順風（tailwinds）的看法。這裡有幾個不同的角度。包括 AI 應用與相關基礎設施的部署、AI 資料中心，另外還有一個角度是可能增加的流量規模與頻譜需求。

So how do you think about framing those dimensions? How do you think about magnitude and timing of those opportunities? And then within your core large enterprise base today, are you seeing any of that, and where do you think we are?

那麼你如何看待界定這些維度？你如何看待這些機會的規模與時點？另外，在你們目前核心的大型企業客戶基礎中，你是否看到其中任何跡象？你認為我們目前處於什麼階段？

Yeah. I think that to your point about the tailwinds for security, I would look at it from, I think there are two different aspects that are relevant to look at. The first one is how the network is a part of the overall AI Defense Plane. And the overall AI Defense Plane is on the device, it’s in the cloud, it’s in workloads, it’s in the DevOps.

是的。我認為，呼應你提到的資安順風，我會從兩個相關面向來看。第一個面向是網路如何成為整體 AI 防禦平面（AI Defense Plane）的一部分。而整體 AI 防禦平面涵蓋裝置端、雲端、工作負載，以及 DevOps。

The network is at the heart of that and needs to play within that. That’s why the introduction of the AI Network Firewall as a part of the overall AI Defense Plane is so important, and I think that’s going to have a meaningful tailwind for the industry and for Check Point specifically.

網路位於其中的核心，並且必須在這個架構中發揮作用。這也是為什麼將 AI 網路防火牆（AI Network Firewall）作為整體 AI 防禦平面的一部分如此重要；我認為這將為產業、也為 Check Point 帶來顯著的順風。

With thinking about that, it’s not just about securing, it’s also about managing. So our AI-driven unified management, which is becoming an open platform and allows us to manage different components and different vendors, different firewalls, connected as a platform to the Continuous Threat Exposure Management, which gives us the ability to understand the intelligence from the outside in, the attacker’s path and combining that is one aspect.

在思考這件事時，不只是關於防護，也關於管理。因此，我們以 AI 驅動的統一管理，正逐步成為一個開放平台，讓我們能管理不同元件與不同供應商、不同防火牆；並以平台方式連結到持續性威脅曝險管理（Continuous Threat Exposure Management），使我們能從外而內理解情報、攻擊者路徑，並將兩者結合，這是一個面向。

The second aspect is emerging new capabilities that enterprises are building. So for example, some enterprises have already invested and some are thinking about investing in AI factories, right? Localized capabilities, sort of going back on-prem, whether it’s because of privacy issues or cost issues. We’re also seeing a plethora of rising investments in different parts of the world regarding data sovereignty, which is another issue.

第二個面向是企業正在建置的新興能力。例如，有些企業已經投資、也有些正在考慮投資 AI 工廠，對吧？在地化能力，某種程度回到地端（on-prem），不論是因為隱私議題或成本議題。我們也看到世界各地在資料主權（data sovereignty）方面的投資大量增加，這也是另一個議題。

And finally, very specific data centers that are going to be either for inference or for training, which require different capabilities. If you remember a few months ago, we announced that we’re working with NVIDIA to embed our firewall capability within the GPU level, because in those data centers, latency is so important, and east-west traffic is so much more imminent, that we literally need to do it at the hardware level in order to remain very efficient. And so that’s the second tailwind that we’re seeing. However, to be transparent about that --

最後，還有非常特定的資料中心，將用於推論或訓練，這需要不同的能力。如果你還記得幾個月前，我們宣布正與 NVIDIA 合作，把我們的防火牆能力嵌入到 GPU 層級；因為在那些資料中心，延遲非常重要，而東西向流量更為迫切，因此我們必須在硬體層級做到，才能維持非常高的效率。所以這是我們看到的第二個順風。不過，坦白說--

When you’re ready to go, Kathleen.

Kathleen，妳準備好就可以開始。

-- is something that we’re seeing in a little bit of a further future. 2027, we need to start seeing that.

-- 這是我們在更偏中長期的未來才會看到的事情。到 2027 年，我們需要開始看到那樣的進展。

Alright. Thanks, Todd. Next up is Adam Tyndall, followed by Shaul Eyal.

好的。謝謝你，Todd。接下來是 Adam Tyndall，之後是 Shaul Eyal。

Okay, thanks, Kip. Nadav, I wanted to ask on the business outlook, you are reiterating the fiscal year guidance this year. And if I backed into the implied Q4, you are going to need to do about an $800 million revenue quarter at the midpoint of guidance. And I was going back through the model. I have never seen that. That would be a record quarter.

好的，謝謝，Kip。Nadav，我想就業務展望提問：你們今年重申了全年財測指引。如果我倒推隱含的第四季，你們在指引中位數下需要做到大約 8 億美元的單季營收。我回頭看了模型。我從未見過這樣的數字。那將會是創紀錄的一季。

You also mentioned earlier that guidance does not take the ramp into consideration. So I know it is more of a Roe question on guidance, but I wanted to hear from you the debate over setting that expectation today and what markers you are looking at for Q4. And Roe, any comments that you could give us on billings?

你先前也提到，指引並未把加速爬坡（ramp）納入考量。所以我知道這比較像是問 Roe 的指引問題，但我想聽聽你們對於今天就設定這個市場預期的討論，以及你們在觀察哪些第四季的指標。另外，Roe，你能否就帳單金額（billings）提供一些評論？

I know we kind of lost track. We were thinking 6% to 7% for the year entering the year. We have got this very difficult comp in Q3 that I think some are struggling to model. So just correct us a little bit on the billings trajectory as well. Thanks, guys.

我知道我們有點跟丟了。我們在年初進入年度時，原本預期全年是 6% 到 7%。第三季有一個非常困難的比較基期（comp），我想有些人建模時會很吃力。所以也請你們稍微修正一下對帳單金額走勢的看法。謝謝各位。

Roe, you want to start and then I will --

Roe，你要先開始嗎？然後我再--

Yeah, I will start. Definitely you are right in terms of your calculation for Q4. It is around 6.5% growth for Q4 in order to be in the midpoint. I mentioned, during my script that we do expect to be back to positive growth in product revenues. I remind you, the main headwind that we see today on our revenues, the decline in revenues is coming from the product revenues, which declined this quarter for 14%, expecting to be similar levels in Q3.

好的，我先說。你的第四季計算確實沒錯。要落在中位數，第四季大約需要 6.5% 的成長。我在講稿中提到，我們預期產品營收將回到正成長。提醒你，目前我們在營收端看到的主要逆風、也就是營收下滑，來自產品營收；本季產品營收下滑 14%，第三季預期會是相近的水準。

And in Q4, we are expecting to be back to green, to be positive in product. So that's one aspect that definitely. I remind you also that Q4 is a more product-driven quarter. The portion of product out of the total revenues is bigger than any other quarter in the year. So that's one aspect.

而在第四季，我們預期產品將回到「轉綠」，也就是產品端回到正成長。所以這是一個面向。也提醒你，第四季是一個更偏產品驅動的季度。產品占總營收的比重，會比年度中任何其他季度都更高。所以這是其中一個面向。

And again, I think that when we are looking on the funnel for Q4, I know that it’s much higher than what we guided for Q3, I mean this growth. When we are looking on the funnel, on the qualified deals, I’m talking about qualified deal, I’m not talking about now potential stuff. We do see much better funnel, much better pipeline, for Q4. Again, we went through with our sales leader on all the large deals, everything. And again, some of them are deals that have been pushed from Q3 to Q4.

再者，我認為當我們看第四季的漏斗（funnel）時，我知道這個成長幅度比我們對第三季的指引高很多。當我們看漏斗、看合格交易（qualified deals）時——我指的是合格交易，不是現在一些潛在的東西——我們確實看到第四季的漏斗更好、管線（pipeline）更好。同樣地，我們已與銷售主管逐一檢視所有大型交易等一切。而且其中一些交易是從第三季延後到第四季的。

That again, is expected to be pushed because there might be some that will be placed in Q3. Q3 is more tricky because of the summer. We took a more conservative view approach that some of this significant deal will be pushed to Q4.

同樣地，這也預期會發生，因為可能仍有一些會落在第三季。第三季因為暑期因素更棘手。我們採取較保守的觀點，認為其中一些重大交易會延後到第四季。

So definitely it’s a high bar in terms of Q4. When I’m looking on the internal metrics, there is the support for that. And you ask about the billing. You’re right, when we started, I’m not giving any guidance for billing. When I was asked about billing for the year, when we started the year, it was mid-single digit, and we talked about 5%, 6%. When we came back on May, we talked, again, because of the higher disruption that we did see, it’s resulted more back in load the deal. We do see it in the numbers for Q2.

所以就第四季而言，門檻確實很高。但當我看內部指標時，是有支撐的。你也問到帳單金額（billings）。你說得對，一開始我沒有提供任何帳單金額指引。年初被問到全年帳單金額時，我們的看法是中個位數成長，談的是 5%、6%。到了 5 月我們再回來談時，因為我們看到更高的干擾，導致交易更偏向延後入帳。我們在第二季的數字中確實看到了這點。

When I’m looking on H2, I don’t want to give any specific guidance. But definitely I do see much better billings in Q4 in terms of growth. Q3, you are right that the comparable are tougher. So there might be -- Q3 might be more challenging with billing. But Q4, definitely we are expecting, again, if we are looking on the front end on large deals, and definitely we expect to be a strong billing quarter.

當我看下半年（H2）時，我不想給出任何具體指引。但我確實看到第四季的帳單金額成長會好很多。第三季你說得對，比較基期更艱難。所以可能——第三季在帳單金額上會更具挑戰。但第四季，我們確實預期——同樣地，如果我們看前端的大型交易——我們也確實預期會是一個強勁的帳單金額季度。

Yeah, just to add to that, Adam. Remember that when we spoke in our last earnings, we were very transparent about the reorg that we did in our go-to-market org. That’s going according to plan. And so that’s why we think Q3 is the trough. When we look at what’s happening in the future, in Q4, like Rui said, we’re seeing a much better outcome, and that’s why we are maintaining the guidance.

是的，Adam，我再補充一下。記得我們在上一次財報電話會議時，對我們在市場推進（go-to-market）組織所做的重組非常透明。目前進展符合計畫。因此我們認為第三季是谷底。展望未來、到第四季，如Rui所說，我們看到結果會好得多，這也是為什麼我們維持指引不變。

With regards to the hiring, the reason we’re not taking that into consideration is the natural ramp-up. Right? It’s the second phase. And in fact, when you think about it now, because this is a company-wide effort and many of our folks, beyond selling, need to recruit and onboard. And so actually, we’re not going to see the impact of the hiring in 2026.

關於招募人員，我們之所以沒有把它納入考量，是因為人員自然需要爬坡期。對吧？這是第二階段。而且事實上，現在想一想，因為這是全公司層級的努力，除了銷售之外，我們很多同仁也需要投入招募與到職訓練（onboard）。因此，實際上我們不會在2026年看到招募帶來的影響。

We’re only going to see the impact of the hiring in 2027. Right? So some of it in Q1, and hopefully more of it in Q2. But it’s the prudent thing to do, and it’s a part of the plan and a part of the strategy that we spoke about last time.

我們只會在2027年看到招募的影響。對吧？所以第一季會有一部分，希望第二季會更多。但這是審慎之舉，也是計畫的一部分、策略的一部分，我們上次也談過。

So and for us, hiring hundreds of new sellers is obviously a great investment. And we’re investing in our future. Last year we spoke about hiring about 500 new R&D folks to start doubling down on the future products for the AI era. Now we feel we’re ready with some of the products. We’ve done the reorg, and we’re ready to ramp up. But as you said, that’s only going to have an impact in 2027.

所以對我們而言，招募數百位新的銷售人員顯然是一項很好的投資。我們是在投資未來。去年我們談到要招募約500位新的研發人員，以便在AI時代的未來產品上加倍投入。現在我們覺得部分產品已經準備好了。我們也完成了重組，準備開始加速擴張。但如你所說，這只會在2027年才會產生影響。

Just one more comment about billing, Adam. I think it’s important to say, too. I understand that you’re following billing, but it’s important for cash flow and stuff, it’s not the only metric that we care. We are looking on new business. We are looking on RPO, which is, I mentioned it today, with bookings. I can give you an example. This quarter, the billing was affected. I didn’t mention discrete, because again, I thought that it’s not, probably I would be asking about it. But again, the billing this quarter affected, for example, from large deal that was renewed.

Adam，關於帳單（billing）我再補充一句。我覺得這點也很重要。我理解你在追蹤billing，它對現金流等很重要，但它不是我們唯一關注的指標。我們會看新業務。我們也會看RPO，我今天提到它與訂單（bookings）相關。我可以舉個例子。本季billing受到影響。我沒有特別點出細項，因為我覺得你可能會問到。但再說一次，本季billing例如受到一筆大型續約案的影響。

It’s not only renewal, it’s renewal and new business, that last year we billed annually, and this year we billed quarterly. This alone have an effect of two points on our billing this quarter, just the moving from annually to quarterly. And we are flexible with that.

那不只是續約，還包含新業務：去年我們是按年開立帳單（annual billing），今年改為按季開立帳單（quarterly billing）。光是從按年改為按季，就讓我們本季billing受到約兩個百分點的影響。而我們在這方面是有彈性的。

I mean it’s a large deal, very large deal with new business. You don’t see it in the billing because we are billing it quarterly. I approved the quarterly billing on that aspect. But again, if we would bill it annually, probably our billing will look much better for this year, but it wouldn’t change the fact that our RPO grew by 7%. I totally understand the importance of billing and it give you some kind of prediction on what’s going on in the business. But definitely it’s not the only metric that we are following.

我的意思是，這是一筆很大的交易，非常大的交易，而且包含新業務。你在billing上看不出來，因為我們是按季開立帳單。在這點上我批准了按季billing。但再說一次，如果我們按年billing，今年的billing看起來可能會好很多，但這不會改變我們RPO成長了7%的事實。我完全理解billing的重要性，它能讓你對業務狀況做某種程度的預測。但它絕對不是我們追蹤的唯一指標。

Alright, guys. Thank you, Adam. Next up is Shaul Eyal, and that’ll be followed by Shrenik Kothari from Baird.

好的，各位。謝謝你，Adam。接下來是Shaul Eyal，之後是Baird的Shrenik Kothari。

Thank you. Hi, good afternoon, guys. Maybe Rui or Nadav still double-clicking on this head count. When we’re saying hundreds of new people, what is it, 200, 300? And how do you think about it geographically from that perspective?

謝謝。嗨，各位下午好。也許Rui或Nadav可以再更深入說明一下這個人力（headcount）。當我們說「數百位」新員工時，是200、300嗎？從地理分布的角度，你們怎麼看？

I’ll start, Rui, you can chime in. When we say hundreds, yes, we’re talking about by the end of the year, we need to hire approximately for our go-to-market, a head count of about 300 more individuals. When you look at it from a percentage perspective, it’s a meaningful percentage at our size.

我先開始，Rui你也可以補充。我們說「數百位」，是的，我們指的是到今年年底，我們在市場推進（go-to-market）方面大約需要再招募約300名人員。以我們目前的規模來看，從比例角度這是相當有意義的增幅。

When you think about it geographically, honestly, it’s pretty globally spread. I wouldn’t say that it’s just one area. America, Western Europe a little bit more, but it’s across the globe, APAC, et cetera. Some of it is at the frontline sellers, what we call the generalists, but also specialists.

從地理分布來看，老實說相當全球化。我不會說只集中在某一個區域。美洲、西歐會稍微多一些，但整體是遍及全球，包含亞太（APAC）等等。其中一部分是第一線銷售，也就是我們所說的通才（generalists），同時也包含專才（specialists）。

For example, we spoke about AI. We’re seeing the funnel growing very substantially. In some cases, we just don’t have the people out there that can actually go out to customers and do the POCs, and so we have to ramp up that very fast.

例如，我們談到AI。我們看到銷售漏斗（funnel）非常顯著地成長。在某些情況下，我們就是沒有足夠的人手能實際去拜訪客戶並進行POC（概念驗證），因此我們必須非常快速地擴充這部分。

Obviously, just getting the heads is not enough. We need to get the right people on board. That are also ready for this future generation of buyers, and the new paradigm that’s emerging. It’s an opportunity not just to get more headcount, but also to revitalize and get new blood into the system. And that’s exactly what we’re doing. It’s a company-wide effort. Again, we launched a campaign, and we hope to be able to get to the right people that want to join us for this ride.

當然，只是把人頭補齊還不夠。我們需要把對的人招進來。他們也要能面對這一代未來的買方，以及正在形成的新典範。這不只是增加人力的機會，也是一個讓組織重新注入活力、引進新血的機會。而這正是我們正在做的事。這是全公司層級的努力。我們再次發起了一個招募活動，希望能找到願意加入我們、一起走這段旅程的合適人才。

Thank you.

謝謝。

Alright. Next up is Shrenik, followed by Joshua Tilton.

好的。接下來是Shrenik，之後是Joshua Tilton。

Great. Thanks for taking my question. So totally understand the internal execution disruption around go-to-market. But just on your specific comments on firewall appliance demand softer than you expected, right? And some of the peers are seeing stronger firewall demand, AI infrastructure-driven product growth.

很好。謝謝讓我提問。我完全理解市場推進（go-to-market）在內部執行上的干擾。但針對你們特別提到的「防火牆設備（firewall appliance）需求比你們預期更疲弱」，對吧？而一些同業則看到更強勁的防火牆需求、由AI基礎設施帶動的產品成長。

So just, Nadav and Roe, can you help unpack that a bit? What are your customers actually doing? Are they extending the useful life without refreshing right now? Are they shifting focus towards more AI-centric enforcements, which is sort of elongating cycles? Just, are these pushes primarily rep transition driven, or are customers fundamentally reevaluating the scopes and the architecture in the AI era as well?

所以，Nadav和Roe，你們能否幫忙拆解一下？你們的客戶實際上在做什麼？他們是否在延長現有設備的使用年限、暫時不更新？他們是否把重點轉向更以AI為中心的防護/管控（enforcements），因此拉長了採購週期？另外，這些變化主要是由業務代表（rep）轉換所驅動，還是客戶也在AI時代下從根本重新評估範疇與架構？

Roe, you want to start or you want me to take it?

Roe，你想先開始，還是要我來回答？

I’ll start. I think it’s a combination, Shrenik. I think it’s a combination of, first, I think internal disruption that affecting our execution, that, again, our execution in Q2, and we’ve seen the numbers, was not what we wanted when we started the year. But I would say it’s a combination of internal disruption and definitely also behavior of customers that I think, again, some of them, we are looking on the memory cost.

我先開始。我認為這是多種因素的組合，Shrenik。我認為這是多種因素的組合：首先，我認為是內部的干擾影響了我們的執行；同樣地，我們在第二季的執行——我們也看到了數字——並沒有達到我們年初的期待。但我會說，這是內部干擾的組合，當然也包括客戶行為；我認為同樣地，其中一些客戶正在關注記憶體成本。

It’s something that I’m spending significant part of my time for to find a way to make sure that we have the enough inventory to give to our. By the way, it’s not only for appliances, it’s also for internal users. Again, probably it’s a combination. I don’t know. I don’t think it’s clear. There is no clear answer for that.

這件事我花了相當多的時間在想辦法，確保我們有足夠的庫存可以提供給我們的——。順帶一提，這不只是針對設備（appliances），也包括內部使用者。同樣地，可能是多種因素的組合。我不知道。我不認為這很明確。對此沒有明確的答案。

Definitely when I’m looking, and I think it’s mainly -- when I’m looking on our business, I think it’s mainly internally. Mainly internally because I’m looking on the funnel, I’m looking on deals, I’m looking that our go to market being stabilized, and I’m looking that we have very interesting opportunities, qualified opportunities that located in second half of the year, mainly in Q4, that makes us feel more positive that it’s more internal and less external.

當然，當我在看——而且我認為主要是——當我在看我們的業務時，我認為主要是內部因素。主要是內部因素，因為我在看漏斗、我在看交易、我在看我們的市場推進（go-to-market）正在穩定下來；而且我也看到我們有非常有趣的機會、已合格的機會，落在今年下半年，主要在第四季，這讓我們更正面地覺得：更多是內部因素、較少是外部因素。

Yeah. I would say that the demand is there, right? We’re seeing it. You’re seeing it with our competition as well. That’s why we’re so excited about the announcement of the AI Network Firewall today. The unified management that we’re coming out with, and hopefully the fruits of a lot of investment that we put into this in the last couple of years will start to show.

是的。我會說需求是存在的，對吧？我們看得到。你也從我們的競爭對手那邊看得到。這也是為什麼我們對今天宣布的 AI 網路防火牆（AI Network Firewall）感到非常興奮。以及我們即將推出的統一化管理；希望我們過去幾年在這方面投入的大量投資，開始能看到成果。

And then the optimism comes from what we see already in Q4, and that’s why we’re doubling down also to get ready for a higher growth in 2027. Having said all that from the customer’s perspective, look, I think that top of mind for them right now is, like I said, first of all, go back to basics and fundamentals. This era calls for patching at an unprecedented pace. That’s just one example.

而樂觀也來自於我們在第四季已經看到的情況，這也是為什麼我們也在加碼投入，為 2027 年更高的成長做好準備。話雖如此，從客戶的角度來看，我認為他們現在最關心的是——就像我說的——首先回到基本面與基本功。這個時代要求以前所未有的速度進行修補（patching）。這只是其中一個例子。

And so we’re also building the capabilities to do that with them and for them, not just for our own products, but again, we have to have the total security in mind. They’re also getting a lot of pressure from the executives and the board to adopt AI, whether it’s to allow employees to use it or new applications and agents that are now running within the -- so it is a transition time. What I believe is that it calls for us to continue doing what we’ve always done, which is prevention first, at the same time, really changing the industry.

因此，我們也在建立相關能力，與他們一起、也為他們做到這點；不只是針對我們自己的產品，而是我們必須把整體安全（total security）放在心上。他們也正承受來自高階主管與董事會的很大壓力，要採用 AI——不論是允許員工使用，或是新的應用與代理（agents）現在正在——之內運行，所以這是一個轉型期。我相信，這要求我們持續做我們一直在做的事，也就是「預防優先」（prevention first），同時真正改變這個產業。

And that’s both on the network level with AI Network Firewall and the new unified management, but at the same time, combining that with our workspace, our CTEM, our AI Defense Plane, and going forward, probably more capabilities that we will need to add to this in order to build this open platform that our customers can rely on for their secure AI transformation.

這既包括在網路層面的 AI 網路防火牆與新的統一化管理，同時也要把它與我們的工作空間（workspace）、我們的 CTEM、我們的 AI Defense Plane 結合起來；往前看，可能還需要加入更多能力，才能打造這個開放平台，讓客戶在其安全的 AI 轉型上可以依賴。

Thanks. Appreciate it.

謝謝。感謝。

Alright. Next up is Joshua Tilton, followed by Junaid Siddiqui.

好。接下來是 Joshua Tilton，然後是 Junaid Siddiqui。

Hey, guys. Can you hear me?

嗨，各位。你們聽得到我嗎？

Yeah.

聽得到。

Yeah.

聽得到。

You got a shirt on.

你穿了件襯衫。

Just for you, Kip.

專門為你，Kip。

Appreciate that.

感謝。

Maybe a quick clarification and then my actual question. On the clarification side, maybe this is for Roei, I understand you’re reiterating the full year outlook, and you guys are confident in what it implies for Q4. I guess what I’m trying to understand is when you think about what is implied on a quarterly basis, is this how you expected it to play out when you first took guidance down 90 days ago, or did something change between now and then that we’re pointing to a much stronger Q4?

也許先快速釐清一下，然後再問我真正的問題。在釐清部分，可能是問 Roei：我理解你們重申全年展望，而且你們對其對第四季的含意很有信心。我想理解的是，當你們思考按季度所隱含的走勢時，這是否就是你們在 90 天前首次下修指引時預期會發生的情況？還是從那時到現在有什麼改變，讓我們看到第四季會強很多？

And then maybe just a follow-up, and my actual question for Nadav is, what happens when we get past the disruption from this year? You ramp hundreds of salespeople. All these products are on fire. Everybody needs to replace their current firewall with an AI firewall. Like what is the durable growth profile that we should be expecting when we move past the disruption, sales ramps, and all the -- around some of these newer products starts to really come through the model?

然後也許再追問一下——也就是我對 Nadav 的真正問題：當我們度過今年的干擾之後會怎樣？你們擴編了數百名業務人員。所有這些產品都很火熱。每個人都需要把現有的防火牆換成 AI 防火牆。那麼，當我們走過干擾、業務擴編完成，以及這些較新的產品開始真正反映在模型中時，我們應該期待的可持續成長輪廓（durable growth profile）是什麼？

I’ll start, and then Nadav can take it. Regarding the guidance, when we gave the guidance in May, so actually we did expect slight improvement in the third quarter in terms of appliances. I mentioned in my presentation that we do expect more deals that will be pushed from Q3 to Q4, mainly on appliances that affecting not just appliances revenues, but also support and subscription revenues because they have an attached, it’s bundling, and they have an attached revenues of subscription and support to every appliance deal.

我先回答，然後 Nadav 可以補充。關於指引，我們在 5 月給出指引時，實際上我們確實預期第三季在設備（appliances）方面會略有改善。我在簡報中提到，我們預期會有更多交易從第三季延後到第四季，主要是在設備上；這不只影響設備營收，也影響維護與訂閱營收，因為每一筆設備交易都會附帶——也就是綁售——訂閱與維護的附加收入。

So I would say that the expectation back in May, that Q3 will be slightly better. Slightly better, not significantly better, slightly better in Q4. So that say -- because of the deal being that we are expecting now to be pushed from Q3 to Q4, that’s how we are well projecting now. Nadav?

所以我會說，5 月時的預期是第三季會稍微好一些。稍微好一些，不是大幅好轉；而第四季會稍微更好。因此——因為我們現在預期會從第三季推遲到第四季的交易——這就是我們目前的預測方式。Nadav？

Going forward, looking at 2027 and beyond, from a general industry perspective, I think the security demand will continue to grow. Because we’re between two paradigms, I think that we will see meaningful changes over the next couple of years, and we need to get ready for that.

往前看，展望 2027 年及之後，從整體產業角度來看，我認為資安需求會持續成長。因為我們正處於兩種典範之間，我認為未來幾年會看到有意義的變化，而我們需要為此做好準備。

Our vision of securing the AI transformation through an open platform means that we have a lot of integration to do, for example, between the network and the continuous threat exposure management. There’s a lot of integration that we need to do between workspace and AI.

我們透過開放平台來確保 AI 轉型安全的願景，意味著我們有很多整合要做，例如在網路與持續性威脅曝險管理（continuous threat exposure management）之間的整合。在工作空間（workspace）與 AI 之間，也有很多整合需要完成。

So there’s a long road map ahead of us, and at the same time, we also have to keep our eyes wide open to what’s out there from the emerging startup community, that is doing some very exciting things, and we’re looking at that.

所以我們前方有很長的產品路線圖；同時，我們也必須睜大眼睛關注新興新創社群在做什麼——他們正在做一些非常令人興奮的事情，而我們也在關注。

The combination of that vision and strategy that we’re starting to see the fruits of, with the stabilization of the go to market and the hiring of new people, obviously makes us optimistic. I think that the hit that we took will position us for a better outlook going forward.

這個願景與策略的結合——我們開始看到成果——再加上市場推進（go-to-market）的穩定以及新人的招募，顯然讓我們感到樂觀。我認為我們所承受的這次衝擊，將使我們在未來擁有更好的展望。

Obviously, we’re not giving guidance now for beyond that. It’s not a short journey. This is a company that has been around from the beginning of cybersecurity history. We need to build it for the next decades. It’s a process, it’s a journey. I think that we’re seeing it going according to plan right now. Hopefully, more good things to come.

當然，我們現在不會提供更長期的指引。這不是一段短旅程。這是一家從資安歷史一開始就存在的公司。我們需要把它打造得能支撐未來數十年。這是一個過程，是一段旅程。我認為目前我們看到它正按計畫進行。希望接下來會有更多好消息。

Alright. Next up is Junaid, followed by Saket Kalia.

好的。接下來是 Junaid，然後是 Saket Kalia。

Great. Thanks, Kip. Nadav, you’ve previously indicated SASE still around 12 to 18 months away from supporting your largest enterprise customers at the scale that you envision. What milestones should we be watching over the next year, and how close are you to being able to compete for the same global deployments targeted by the market leaders?

太好了。謝謝你，Kip。Nadav，你先前曾表示，SASE 距離能以你所設想的規模支援你們最大的企業客戶，仍大約還需要 12 到 18 個月。未來一年我們應該關注哪些里程碑？以及你們距離能夠競逐與市場領導者鎖定的同等全球部署，還有多近？

Yeah, thanks for that, Junaid. Yeah, SASE is an integral part of our hybrid mesh proposition and part of the platform. We are now at a point where in terms of capacity, we’re already ready for the enterprise level, and integrating SASE into our unified management as we speak. I think we already have a proposition that in some aspects is best in class.

是的，謝謝你的提問，Junaid。是的，SASE 是我們混合網狀（hybrid mesh）主張的重要組成部分，也是平台的一部分。我們現在在容量方面已經達到可支援企業級的程度，並且正在把 SASE 整合進我們的統一管理之中。我認為我們已經有一個在某些面向屬於同級最佳（best in class）的方案。

For example, we have the best latency with our hybrid device architecture. It’s fast and easy to deploy and manage. And so I think we’re ready to go bigger with our SASE and this is the time to do it. So we’re focused on it. We have a very strong and capable R&D team. As a part of the hiring that we’re doing is focused specifically on specialists that will go out and do this.

例如，我們的混合裝置架構帶來最佳的延遲表現。部署與管理都快速且容易。因此我認為我們已準備好把 SASE 做得更大，而現在正是時候。所以我們正專注在這上面。我們有一支非常強大且有能力的研發團隊。我們正在進行的招募中，有一部分是特別針對將會出去推動這件事的專家。

And more important than anything is to put that as part of the platform. So connect it to the firewall through our hybrid mesh management, so that our customers can push their policy, both to the SASE remote access, internet access within the firewall, integrate that into our AI Defense Plane. There is a lot of work to do there, we’ve made a lot of progress, we’re ready to go bigger, as I indicated before.

而比任何事情都更重要的是，把它納入平台的一部分。也就是透過我們的混合網狀管理把它連接到防火牆，讓客戶能夠將其政策同時下發到 SASE 遠端存取、以及防火牆內的網際網路存取，並把它整合進我們的 AI Defense Plane。這裡還有很多工作要做；我們已經取得很多進展，也如我先前所說，我們已準備好擴大規模。

Alright. Thanks, Junaid. Next up is Saket Kalia, followed by Eric Heath, who will most likely be our last caller today.

好的。謝謝你，Junaid。接下來是 Saket Kalia，然後是 Eric Heath，他很可能會是我們今天最後一位來電者。

Okay, great. Hey, guys. Thanks for taking my question here. Roe, maybe for you. I’d love to dig into the sales investment just from a financial perspective, right? I’m sure that we can all take a shot at the financial impact of hiring 300 additional resources. And just to be clear, that sounds like it’s the right thing to do to invest for growth.

好的，太好了。嗨，各位。謝謝讓我在這裡提問。Roe，可能想請教你。我想從財務角度深入談談銷售投資，對吧？我相信我們都可以估算增聘 300 名額外人力的財務影響。先說清楚，這聽起來確實是為了成長而投資的正確做法。

Not necessarily looking here for guide for next year, but I want to make sure it’s asked. Is there any way that you want us to think about the margin impact of that investment, understanding that it’s short-term pain for long-term gain?

我不一定是在這裡要你們提供明年的指引，但我想確保這個問題有被問到。在理解這是短期陣痛、換取長期收益的前提下，你們希望我們如何看待這項投資對毛利率／利潤率的影響？

I would say that regarding, first of all, the hiring impact will be less for this year, because it’s going to be mainly for next year, the hiring. I would say for next year margin, I would wait with that for the next calls because next week, we are kick off our planning for next year for 2027. And I don’t want now to give you anything because it’s still very in early stages. I would say, let’s wait with that for the next call regarding margin for next year.

我會說，關於這點，首先，招募的影響在今年會比較小，因為這次招募主要是為了明年。至於明年的利潤率，我會建議先等下一次電話會議再談，因為下週我們才會啟動 2027 年的明年度規劃。我現在不想給你任何數字，因為仍然非常早期。我會說，關於明年利潤率，我們留到下一次電話會議再討論。

Totally get it. Thank you.

完全理解。謝謝你。

Alright. Next up is Eric Heath.

好的。接下來是 Eric Heath。

Thanks, Kip. Roei, Nadav, maybe just to come back one more time to the 3Q, 4Q seasonality. So can you just put a finer point of what changed since last quarter in terms of why you’re expecting deals to push? Is this internal execution just giving you a little bit more prudence, or is there something changing on the customer behavior side that maybe changed in the last 90 days? Thanks.

謝謝你，Kip。Roei、Nadav，我想再回到第三季、第四季的季節性問題。你們能否更精準地說明，和上季相比，為什麼你們現在預期交易會往後遞延？這是內部執行面讓你們更保守審慎，還是客戶行為端在過去 90 天內有什麼改變？謝謝。

I think it’s less customer behavior. I think it’s more, again, we’ve done a very thorough analysis or going through our pipeline for Q3 and Q4. I think we have, I would say, a bit more prudent approach about the Q3. We are taking a more prudent approach in terms of deals that are going to be pushed from Q3 to Q4.

我認為比較不是客戶行為。我認為更多是——再次強調——我們對第三季與第四季的管線做了非常徹底的分析與檢視。我想我們對第三季採取了更審慎一些的做法。就那些可能從第三季延後到第四季的交易而言，我們採取了更保守審慎的態度。

I’m taking it because Q3 is usually a tricky quarter because of the summer. And people are on vacations, holidays, and are back to work only in September. So we are taking a more prudent approach. But definitely, I think we do see improvement and more stabilization in our go-to-market. Therefore, I think we are going to this hiring campaign that we feel confident with expanding our go-to-market now after it being stabilized after the disruption that we had in the first half of the year.

我之所以這麼做，是因為第三季通常是個棘手的季度，因為有暑假。大家在度假、放假，通常要到九月才回到工作狀態。所以我們採取更審慎的做法。但我認為我們確實看到我們的 go-to-market 有所改善並更趨穩定。因此，我們才會推動這次招募計畫；在今年上半年經歷的干擾之後，我們的 go-to-market 已經穩定下來，現在我們有信心擴大它。

Nadav, you want to add something around it, or --

Nadav，你想補充一下嗎，或--

No. Again, H2 back-end loaded, a lot riding on Q4. It’s about having a better execution and making sure that we have the right headcount and the right people as we go into 2027. As Roei said, that’s what we’re starting to plan for now.

不用。再說一次，下半年是後段發力，很多都取決於第四季。重點在於更好的執行，並確保在邁入 2027 年時，我們有正確的人力規模與合適的人才。如 Roei 所說，這也是我們現在開始規劃的事情。

Alright, everybody. And that’s going to conclude today. We thank you all for showing up and participating, and we’ll be seeing you shortly hereafter in the analyst calls. And the rest of you that are following us today, we’ll see you throughout the quarter. Thank you, and have a great day, guys. Bye-bye.

好的，各位。今天的會議就到這裡。感謝大家出席並參與，我們很快會在分析師電話會議上再見。至於今天持續關注我們的各位，我們會在本季度期間與各位再見。謝謝大家，祝各位今天愉快。再見。

Bye-bye. Thank you

再見。謝謝