Check Point Software Technologies Ltd (CHKP) 2022 Q1 法說會逐字稿

All right, guys. Greetings. My name is Kip Meintzer, Global Head of Investor Relations for Check Point Software. I'd like to welcome everyone to our first quarter 2022 financial results video conference. (Operator Instructions) Joining me remotely today on the call are Gil Shwed, Founder and CEO; along with our CFO and COO, Tal Payne. As a reminder, the video conference is live on our website and is recorded for replay. To access the live conference and replay information, please visit the company's website at checkpoint.com. For your convenience, the replay will be available on our website. If you would like to reach us after the call, please contact Investor Relations at e-mail at kip@checkpoint.com.

好吧，伙計們。問候。我叫 Kip Meintzer，Check Point Software 投資者關係全球主管。我想歡迎大家參加我們的 2022 年第一季度財務業績視頻會議。 （操作員說明）今天遠程加入我的電話是創始人兼首席執行官 Gil Shwed；以及我們的首席財務官兼首席運營官 Tal Payne。提醒一下，視頻會議在我們的網站上直播，並被錄製以供重播。要訪問現場會議和重播信息，請訪問公司網站 checkpoint.com。為了您的方便，重播將在我們的網站上提供。如果您想在通話後聯繫我們，請發送電子郵件至 kip@checkpoint.com 聯繫投資者關係部。

During the course of this presentation, Check Point's representatives may make certain forward-looking statements. These forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 include, but are not limited to, statements related to Check Point's expectations regarding our products and solutions, expectations regarding our customer adoption of our products and solutions, expectations related to cybersecurity and other threats, expectations regarding our 2022 initiatives, our ability to continue to develop platform capabilities and solutions, customer acceptance and purchase of our existing solutions and new solutions.

在本演示文稿的過程中，Check Point 的代表可能會做出某些前瞻性陳述。這些在 1933 年證券交易法第 27A 條和 1934 年證券交易法第 21E 條含義內的前瞻性陳述包括但不限於與 Check Point 對我們的產品和解決方案的預期相關的陳述，對客戶採用我們的產品和解決方案的期望、對網絡安全和其他威脅的期望、對我們 2022 年計劃的期望、我們繼續開發平台功能和解決方案的能力、客戶對我們現有解決方案和新解決方案的接受和購買。

The market for IT security continuing to develop competition from other product services and general market, political, economic and business conditions, including as a result of the impact of the COVID-19 pandemic. These forward-looking statements are subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our annual report on Form 20-F filed with the Securities and Exchange Commission. The forward-looking statements in this presentation are based on information available to Check Point as of the date. Our Check Point disclaims any obligation to update any forward-looking statements, except as required by law. 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 reasons for our presentation of non-GAAP information.

IT 安全市場繼續發展來自其他產品服務和一般市場、政治、經濟和商業條件的競爭，包括由於 COVID-19 大流行的影響。這些前瞻性陳述受到其他風險和不確定性的影響，包括我們提交給證券交易委員會的文件中更全面描述的風險和不確定性，包括我們提交給證券交易委員會的 20-F 表格年度報告。本演示文稿中的前瞻性陳述基於 Check Point 截至當日可獲得的信息。我們的 Check Point 不承擔更新任何前瞻性陳述的任何義務，除非法律要求。在我們發佈在我們網站上的新聞稿中，我們展示了 GAAP 和非 GAAP 結果，以及此類結果的對賬以及我們展示非 GAAP 信息的原因。

Now I'd like to turn the call over to Tal Payne for a review of our financial results.

現在，我想將電話轉給 Tal Payne，以審查我們的財務業績。

Great. Thank you, Kip. Just one second. Okay. So I hope you can see the presentation. Good morning, and good afternoon to everyone joining us on the call today. I'm really pleased to begin the review of the first quarter. And the safe harbor and the forward-looking statements, I'm sure you're familiar with Kip cover that one. So I'll go straight to the results, and let's start with top 2 metrics, the revenues and the EPS, both of them are at the high end of our projections.

偉大的。謝謝你，基普。就一秒鐘。好的。所以我希望你能看到演示文稿。早上好，下午好，今天加入我們電話會議的每個人。我很高興開始審查第一季度。以及安全港和前瞻性陳述，我相信你對 Kip 很熟悉。所以我會直接看結果，讓我們從前兩個指標開始，收入和每股收益，它們都處於我們預測的高端。

Revenue is reaching $543 million, which is at the high end of the guidance and the $11 million above the midpoint. If we're looking at the earnings per share as well as earnings per share $1.57, $0.04 above the midpoint and also at the top part of our guidance. Before I proceed further into the numbers, let me just remind you that our GAAP financial results include stock-based compensation charges, amortization of acquired intangible assets and acquisition-related expenses as well as the related tax effects. Keep in mind that as applicable, the non-GAAP information is presented excluding these items.

收入達到 5.43 億美元，處於指引的高端，高於中點 1100 萬美元。如果我們正在查看每股收益以及每股收益 1.57 美元，高於中點 0.04 美元，也是我們指導的頂部。在我進一步討論這些數字之前，讓我提醒您，我們的 GAAP 財務業績包括基於股票的薪酬費用、所購無形資產的攤銷和與收購相關的費用以及相關的稅收影響。請記住，如果適用，非公認會計原則信息不包括這些項目。

Now let's dive into the numbers. And I will start with the first 1 that might resolve most of your questions regarding the bidding. So let's start with the top one. Revenues grew 7% from $508 million to $543 million, really nice results and ahead of our plan. If we look at deferred revenues, deferred revenues increased 14% for reaching $1,666,000,000. When you calculate the billing, the billing increased by 4%. Let's make 2 things very clear to start with. The booking was very strong, double-digit growth in our annualized booking and the total booking. It was across all regions and it was almost in any metrics that we looked at. This was 1 of the strongest quarters that I remember. We had significant growth in the booking, but significant part is still not part of the billing.

現在讓我們深入研究數字。我將從第一個可能解決您關於投標的大部分問題的第一個開始。所以讓我們從最上面的開始。收入從 5.08 億美元增長 7% 至 5.43 億美元，結果非常好，超出了我們的計劃。如果我們查看遞延收入，遞延收入增長了 14%，達到 1,666,000,000 美元。當您計算計費時，計費增加了 4%。讓我們首先明確兩件事。預訂量非常強勁，我們的年化預訂量和總預訂量均實現了兩位數的增長。它遍及所有地區，幾乎在我們查看的任何指標中。這是我記憶中最強勁的季度之一。我們的預訂量有顯著增長，但很大一部分仍未計入帳單。

Remaining performance obligation, which I never provide quarterly, but I thought it would be helpful for you to see that this quarter just because of the misalignment between the actual strong bookings that we had and the billing. You can see remaining performance obligation, which all of you familiar with, it's somewhat a reflection of the backlog, deferred revenues plus the booking that was not invoiced yet, increased by over 20% year-over-year. So a really strong quarter.

剩餘的履約義務，我從不按季度提供，但我認為僅僅因為我們擁有的實際強勁預訂與計費之間的不一致，看到本季度對您有所幫助。您可以看到大家都熟悉的剩餘履約義務，這在一定程度上反映了積壓、遞延收入以及尚未開具發票的預訂，同比增長超過 20%。所以一個非常強勁的季度。

Moving ahead, let's look at the revenues by product and security subscription. Again, quite exciting quarter when it comes to the breakdown products increased, you can see from negative in the last 2 year-over-year, both in Q1 and in Q1 2021. This year, we are in 6%. It's an acceleration from the growth that we see in Q4, which is in line with what we're seeing also in the booking, which was actually significantly stronger. When we're looking at security subscription, again, 10% moving to 12% growth, moving to 14% growth, strong growth there.

繼續前進，讓我們按產品和安全訂閱查看收入。同樣，在細分產品增加方面，這是一個非常令人興奮的季度，您可以從過去 2 年的負增長看到，無論是在第一季度還是在 2021 年第一季度。今年，我們的增長率為 6%。這是我們在第四季度看到的增長的加速，這與我們在預訂中看到的一致，這實際上明顯更強。當我們再次查看安全訂閱時，從 10% 到 12% 的增長，再到 14% 的增長，那裡的增長強勁。

Let's dive a bit to the drivers behind the growth. So we look at the product, appliances were very strong. We see growth both in units and in dollars when it comes to appliance product bookings and revenues and it came from across the appliance family, SMB appliance, mid appliance, largest appliance (inaudible), both in dollars and...

讓我們深入了解一下增長背後的驅動因素。所以我們看產品，家電都很強。在電器產品預訂和收入方面，我們看到了單位和美元的增長，它來自整個電器系列、SMB 電器、中型電器、最大的電器（聽不清），無論是美元還是……

(technical difficulty)

（技術難度）

Can you hear me well? Okay, it went away. Good. Thank you. So I repeat the last sentence, just in case you didn't hear it. Appliances, SMB, midsize, large-sized, Maestro switches all increased both in dollars and in number of units. So a very strong quarter when it comes to products. Subscription revenue growth continued to be strong with 14% coming from the same drivers. So we see success in Harmony, CloudGuard both in revenues double digits. Infinity revenues, which include 2 or 3 pillars of our solution continue as well to be strong with triple-digit growth year-over-year in the revenues. So really nice results from any angle that we looked at from this perspective.

你聽得清楚嗎？好吧，它走了。好的。謝謝你。所以我重複最後一句話，以防你沒聽到。家電、SMB、中型、大型、Maestro 交換機的美元和單位數量均有所增長。因此，就產品而言，這是一個非常強勁的季度。訂閱收入增長繼續強勁，其中 14% 來自相同的驅動因素。因此，我們看到 Harmony 和 CloudGuard 的收入都達到兩位數。 Infinity 收入（包括我們解決方案的 2 或 3 個支柱）也繼續保持強勁，收入同比增長三位數。從我們從這個角度來看，從任何角度來看，結果都非常好。

First time in a few years that product and subscription revenues together reached the first metric that we put for ourselves with a target to reach double-digit growth in our new business, which is typically the product and the subscription revenue. So increase from 5% to 7% and hitting for the first time, I think, from 2017 to 11% growth. So that's very, very nice to see and in line with our plans.

幾年來，產品和訂閱收入第一次達到了我們為自己設定的第一個指標，目標是在我們的新業務中實現兩位數的增長，這通常是產品和訂閱收入。因此，從 5% 增加到 7%，我認為這是從 2017 年首次達到 11% 的增長。所以這是非常非常好的看到並符合我們的計劃。

Moving ahead by geographies. Also here, when you calculate the revenues, you will see clearly it was quite a nice quarter. America with 43%, EMEA with 44% and 13% for APAC. When you calculate, you will see 2 things. You will see that all regions increased this quarter. We're super excited about America, which moved to a nice growth. I can give you in the background, the data that you don't see very strong double-digit growth in new business bookings across all regions. New booking it means it's not renew. So we see growth of double digit in all regions, EMEA, Americas and APAC. Also annualized booking, which is -- excluding the multiyear on purpose, so we will see the health of the business was double digit in all regions and America leading the growth under the new leadership with a super exciting quarter. So really nice to see that.

按地理位置前進。同樣在這裡，當您計算收入時，您會清楚地看到這是一個相當不錯的季度。美國占 43%，歐洲、中東和非洲佔 44%，亞太地區佔 13%。當你計算時，你會看到兩件事。您會看到本季度所有地區都有所增加。我們對美國感到非常興奮，它取得了不錯的增長。我可以在後台給你提供數據，你看不到所有地區的新業務預訂量兩位數增長非常強勁。新預訂意味著它沒有續訂。因此，我們看到所有地區、歐洲、中東和非洲、美洲和亞太地區都實現了兩位數的增長。還有年化預訂，即不包括故意的多年期，因此我們將看到該業務的健康狀況在所有地區都是兩位數，而美國在新的領導下以一個超級令人興奮的季度引領增長。很高興看到這一點。

Moving to the P&L details. I start with the gross profit. So gross profit -- the gross margin continues to be strong at 88%. Naturally, as you all know, there are supply constraints in the market, which affect all of us. Many components costs increased significantly, leading to higher cost, and you will see it as part of our cost of goods sold, which led to the margin moving down in between 1.5% to 2%. It's a small portion of our total gross margin, that's why it's still very strong at 88%. But when you look at the cost of goods sold, you see a significant increase there. For us, number one priority is to deliver to our customers and to focus on the top line growth as we all defined in the beginning of the year. We were very successful at that. And so far, there's some delays maybe a week, 2 weeks, 3 weeks, but we are way ahead of the market in terms of our ability to deliver. I hope it will stay that way. I will tell you exactly the same like the previous quarter. I cannot give indeed, but we're working really hard and paying what we need to do in order to be able to deliver to our customers.

轉到損益表詳細信息。我從毛利潤開始。所以毛利潤——毛利率繼續保持在 88% 的強勁水平。當然，眾所周知，市場上存在供應限制，這會影響到我們所有人。許多組件成本顯著增加，導致成本更高，您會將其視為我們銷售商品成本的一部分，這導致利潤率下降 1.5% 至 2%。這是我們總毛利率的一小部分，這就是為什麼它仍然非常強勁，達到 88%。但是，當您查看所售商品的成本時，您會發現那裡顯著增加。對我們來說，第一要務是交付給我們的客戶並專注於我們在年初定義的收入增長。我們在這方面非常成功。到目前為止，可能會有一周、2 週、3 週的延遲，但在交付能力方面，我們遠遠領先於市場。我希望它會保持這種狀態。我會告訴你和上一季度完全一樣的。我確實不能給予，但我們正在努力工作並支付我們需要做的事情，以便能夠交付給我們的客戶。

As for the situation, I hope this is temporary. The supply chain constraints, it looks longer than people thought last year. I hope it will be finished by the end of the year, but we cannot guarantee all of us seeing the news about China and the lockdown. So hopefully, it will be resolved quickly. Moving ahead with operating expenses highlights. So you can see operating expenses increased significantly 15%. For us, it's good news because I'll remind you, we discussed in our plan that we want to increase the workforce, mainly sales and R&D and continue the elevated investment in our rockets, CloudGuard, Harmony in order to continue the strong momentum that we've seen already in the fourth quarter of last year, and we see the continued momentum also in the first quarter of 2022.

至於情況，我希望這是暫時的。供應鏈的限制，看起來比去年人們想像的要長。我希望它會在今年年底前完成，但我們不能保證我們所有人都能看到有關中國和封鎖的消息。所以希望它會很快得到解決。繼續推進運營費用亮點。因此，您可以看到運營費用顯著增加了 15%。對我們來說，這是個好消息，因為我要提醒你，我們在計劃中討論過我們希望增加勞動力，主要是銷售和研發，並繼續增加對我們的火箭、CloudGuard、Harmony 的投資，以保持強勁的勢頭我們在去年第四季度就已經看到了，我們在 2022 年第一季度也看到了持續的勢頭。

So in line with that plan, we increased our workforce in about 15% which is, as you see, very much in line with the increase of the expenses that we see here. Of course, it's including also Avanan and Spectral acquisition. Avanan was Q4. So year-over-year, it's not as part of the growth and Spectral was in February 2022. So it's partially part of that number.

因此，根據該計劃，我們將員工人數增加了約 15%，如您所見，這與我們在這裡看到的費用增長非常一致。當然，它還包括 Avanan 和 Spectral 採集。阿瓦南是第四季度。因此，與去年同期相比，它不是增長的一部分，而 Spectral 是在 2022 年 2 月。所以它是這個數字的一部分。

Operating income. Operating income, non-GAAP operating income continued to be strong at $239 million, which is 44% operating margin, very strong still under the growth of the 15% in the headcount. Our financial income in line with our projection, about $7 million, reflecting the reduction in the portfolio yield, which should happen in the last 2.5 years. I think this is it. We are in an environment that the interest rates are going up. So over time, as the portfolio will released, we will be investing in higher interest. So very, very slowly, probably we will start to see in the next 2 or 3 years, the growth in the interest income, assuming that everything else will stay the same, meaning excluding M&As and activities like that.

營業收入。營業收入，非美國通用會計準則營業收入繼續強勁，達到 2.39 億美元，營業利潤率為 44%，在員工人數增長 15% 的情況下仍然非常強勁。我們的財務收入符合我們的預測，約為 700 萬美元，反映了投資組合收益率的下降，這應該在過去 2.5 年內發生。我覺得這就是。我們處於利率上升的環境中。因此，隨著時間的推移，隨著投資組合的發布，我們將投資於更高的興趣。所以非常非常緩慢，可能我們將在未來 2 或 3 年開始看到利息收入的增長，假設其他一切都保持不變，這意味著不包括併購和類似的活動。

Non-GAAP tax rate for this quarter was around 17% and in line with the plan. Expect similar rates for next quarter. Non-GAAP net income was $204 million and $1.57 the EPS, which is $0.04 above our midpoint and 2% increase year-over-year. GAAP net income was $169 million or $1.30 per diluted share. Moving to our cash flow. So cash flow balances of $3.8 billion, very similar to the end of Q4, it's actually a slight increase.

本季度非 GAAP 稅率約為 17%，符合計劃。預計下個季度會有類似的利率。非美國通用會計準則淨收入為 2.04 億美元，每股收益為 1.57 美元，比我們的中點高 0.04 美元，同比增長 2%。 GAAP 淨收入為 1.69 億美元或每股攤薄收益 1.30 美元。轉向我們的現金流。因此，現金流餘額為 38 億美元，與第四季度末非常相似，實際上略有增加。

Operating cash flow this quarter was super strong, almost $400 million, an increase of 6% year-over-year. If we eliminate the acquisition effect, it's actually 7%. During the quarter, we continued our buyback program and purchased 2.5 million shares. So it's less than we planned because the share price moved up. The average share price that we acquired was $131 per share. So it's 2.5 million shares for a total of $325 million, in line with our buyback program.

本季度的經營現金流非常強勁，接近 4 億美元，同比增長 6%。如果我們消除收購效應，它實際上是 7%。在本季度，我們繼續執行回購計劃併購買了 250 萬股。所以它比我們計劃的要少，因為股價上漲了。我們收購的平均股價為每股 131 美元。因此，它是 250 萬股，總計 3.25 億美元，符合我們的回購計劃。

And now I will just summarize it. So very strong financial results, revenues and EPS at the high end of our projections. We've seen growth in all geographies, which is nice to see America joining that growth. We have double-digit growth in the product and subscription revenues together, a very nice milestone, and we continue to focus on the top line growth, and that's where we are at this point of time.

現在我將總結一下。在我們預測的高端，財務業績、收入和每股收益非常強勁。我們已經看到所有地區的增長，很高興看到美國加入這種增長。我們的產品和訂閱收入都實現了兩位數的增長，這是一個非常好的里程碑，我們將繼續專注於收入增長，這就是我們目前所處的位置。

And now I will turn the call over to Gil for his business review. Thank you.

現在我將把電話轉給 Gil 進行業務審查。謝謝你。

Thank you, Tal, and hello, everyone. I hope you can see me well. I want to give you a little bit of color about how we did in the quarter, all about the industry in general, a little bit what we're seeing in cyberspace and also about, specifically about some color that Tal didn't share about Check Point.

謝謝你，Tal，大家好。我希望你能看到我。我想告訴你一些關於我們在本季度的表現，關於整個行業，關於我們在網絡空間中看到的一點點，特別是關於 Tal 沒有分享的一些顏色檢查點。

So let me start with the state of cybersecurity, which I think is also reflected somehow in the financial market. We see constant increase in the level of cyber threats. You can see here on the chart, this is where we measure the number of -- the number of attacks on every organization every week on a global scale. And you can see that there is a 54% increase in weekly cyber attacks globally on organization. In the last quarter, 1 out of 53 organization was impacted by ransomware. That's again a 24% increase. And on the qualitative side, we see continuous increase in sophisticated attack, what we call fifth-generation cyber attacks, which is, I think, also something that we all need to worry about. So clearly, we see that.

所以讓我從網絡安全的狀態開始，我認為這也反映在金融市場上。我們看到網絡威脅的程度不斷增加。你可以在圖表上看到，這是我們衡量全球範圍內每週對每個組織的攻擊次數的地方。您可以看到，全球每週針對組織的網絡攻擊增加了 54%。在上個季度，53 個組織中有 1 個受到勒索軟件的影響。這又是 24% 的增長。在定性方面，我們看到復雜攻擊不斷增加，我們稱之為第五代網絡攻擊，我認為這也是我們都需要擔心的事情。很清楚，我們看到了這一點。

And we look at the Gen V attacks, things that are called attacks that are called supply chain attacks but get to us through software components and software that gets into our infrastructure and infiltrates the rest. We've seen last quarter the Log4j one of the most devastating exploits and vulnerabilities that we've ever seen. This quarter, it was followed by something similar and not that strong, but in the same order of magnitude, Spring4Shell and Log4j, we saw with more than 50% of corporate networks were targeted. And that's a component. By the way, the Log4j was a component with a period of almost every web server and web service. Spring4Shell, as I said, something similar, slightly lower magnitude, but already in less than a month, 1/3 of corporate networks were exploited by that. We're very, very proud to say that Check Point upset, CloudGuard upset was the only solution to provide preemptive protection against it. So customers that listen to us, you install our Infinity architecture, pull this upset, which is AI-based component in front of their web servers were protected. And that's where our message is about providing the best security and doing it in a preventative mode. This really -- it's not just indicated that, it's not just gave an alert, it actually blocked the attack before the attack was even known to the world or to us. This is an interesting indication about what we can do. It's not just us that are noticing that. Sorry that I'm standing in front of our -- of your President.

我們看看第五代攻擊，這些攻擊被稱為供應鏈攻擊，但通過軟件組件和軟件到達我們的基礎設施並滲透到其餘部分。我們在上個季度看到了 Log4j，這是我們見過的最具破壞性的漏洞利用和漏洞之一。本季度，緊隨其後的是類似但不那麼強大但數量級相同的 Spring4Shell 和 Log4j，我們看到超過 50% 的企業網絡成為目標。這是一個組成部分。順便說一句，Log4j 是幾乎所有 Web 服務器和 Web 服務的一個組件。正如我所說，Spring4Shell 是類似的東西，規模略小，但在不到一個月的時間裡，1/3 的公司網絡就被它利用了。我們非常非常自豪地說，Check Point 擾亂、CloudGuard 擾亂是唯一提供先發製人保護的解決方案。所以聽我們的客戶，你安裝我們的 Infinity 架構，拉這個麻煩，這是在他們的 Web 服務器前面的基於 AI 的組件受到保護。這就是我們的信息是關於提供最佳安全性並以預防模式進行的地方。這真的 - 它不僅僅是表明，它不僅僅是發出警報，它實際上在攻擊被世界或我們知道之前就阻止了攻擊。這是一個有趣的跡象，表明我們可以做什麼。注意到這一點的不只是我們。抱歉，我站在我們——你們的總統面前。

I'll move myself a little bit, but you see that Joe Biden issued a statement about a month for call. This is a critical moment. It's time to accelerate our work to improve domestic cybersecurity. And the next part, your vigilance and urgency today can prevent, he also says or mitigate attacks. We are in the prevention. So if you can prevent I think it's the best possible way. So I think there is the room for the world, and there is a lot that we can do to actually make that happen and prevent the next cyber attack to then the next cyber pandemic. And I think that's what we are doing now, handling Gen V attacks, not just Gen III attacks and doing that with prevention, consolidation and providing the best security. So I'm very, very proud of that. And I think that's what we aim to do at Check Point and that's what we do.

我會稍微動一下，但你看喬·拜登發表了一個大約一個月的聲明。這是一個關鍵時刻。是時候加快我們改善國內網絡安全的工作了。下一部分，你今天的警惕和緊迫感可以預防，他還說或減輕攻擊。我們在預防。所以如果你能阻止我認為這是最好的方法。所以我認為這個世界有空間，我們可以做很多事情來真正實現這一點，並防止下一次網絡攻擊到下一次網絡大流行。我認為這就是我們現在正在做的事情，處理第五代攻擊，而不僅僅是第三代攻擊，並通過預防、整合和提供最佳安全性來做到這一點。所以我對此感到非常非常自豪。我認為這就是我們在 Check Point 的目標，也是我們所做的。

In order to do that, I think last quarter, we shared our 5 key initiatives for the year and for the quarter. And I think we've started pretty well on all of them, company rebrand with the new slogan what we've been doing for almost 30 years, but the new slogan, you deserve the best security a new go-to-market organization, our Check Point Rockets organization, product break through with our Quantum Light speed and continuous investment in growing the organization and specifically growing our frontline sales. I'll go through some of these initiatives in the next few slides and just give you a quick update on what we've done because I think we've done quite well and did a lot in the first quarter to make that happen.

為了做到這一點，我認為上個季度，我們分享了今年和本季度的 5 項關鍵舉措。而且我認為我們在所有這些方面都做得很好，公司用我們近 30 年來一直在做的新口號重新命名，但是新口號，你應該得到最好的安全性一個新的上市組織，我們的 Check Point Rockets 組織，產品以我們的 Quantum Light 速度取得突破，並持續投資於發展組織，特別是增加我們的一線銷售。我將在接下來的幾張幻燈片中介紹其中的一些舉措，并快速向您介紹我們所做的工作，因為我認為我們做得很好，並且在第一季度做了很多工作來實現這一目標。

So I think you all saw our review, logo and I think that resonates very well, and you deserve the best security, people are starting to get our message about the differentiation of checkpoint security. And that's not just based on slogan or marketing, but actually based on the Check Point Infinity architecture about the fact that our network security, cloud security, user and access security are all built together, all using the same advanced technologies that can stop every threat on each 1 of the access vectors all using our shared Infinity vision or shared threat cloud with real-time threat prevention to actually stop these attacks. And again, I've demonstrated this some example. I'll show you later more.

所以我想你們都看到了我們的評論和標誌，我認為這引起了很好的共鳴，你們應該得到最好的安全性，人們開始了解我們關於檢查點安全性差異化的信息。這不僅僅是基於口號或營銷，而是實際上基於 Check Point Infinity 架構，即我們的網絡安全、雲安全、用戶和訪問安全都構建在一起，所有這些都使用可以阻止所有威脅的相同先進技術在每個訪問向量上，都使用我們共享的 Infinity 願景或共享威脅雲以及實時威脅預防來實際阻止這些攻擊。再一次，我已經展示了一些例子。稍後我會向您展示更多。

Switching to our new go-to-market organization. We've brought new leadership to head our go-to-market organization, Rupal Hollenbeck. Rupal has been on our Board for a little bit more than a year. So we started knowing her, and we were very impressed. She has a very impressive record being a CMO for Oracle and more so more than 20 years in Intel and leaving a $23 billion global data center sales organization. So she clearly understand what it's like to run a large-scale organization. And we also moved the headquarter of this organization to Silicon Valley, which I think is also a very positive thing where it should be. And I think we have 3 goals in making that move. One is extend the reach of what we do to more customers, more segments and broaden what we do, doing it with better integration between sales and marketing, but will generate greater impact and scaling and extending our partner relationship, our relationship with the entire ecosystem. And I think this should work very well and should resonate very well. So we started that move, and I think it was accepted very well.

切換到我們新的上市組織。我們帶來了新的領導層來領導我們的上市組織 Rupal Hollenbeck。 Rupal 已經在我們的董事會工作了一年多一點。所以我們開始認識她，我們印象非常深刻。她作為甲骨文的首席營銷官，在英特爾工作了 20 多年，離開了價值 230 億美元的全球數據中心銷售組織，有著令人印象深刻的記錄。所以她很清楚經營一個大型組織是什麼滋味。我們還把這個組織的總部搬到了矽谷，我認為這也是一件非常積極的事情。我認為我們有 3 個目標來實現這一目標。一是將我們所做的事情擴展到更多客戶、更多細分市場並擴大我們的工作範圍，更好地整合銷售和營銷，但會產生更大的影響，擴大和擴展我們的合作夥伴關係，我們與整個生態系統的關係.我認為這應該很有效，應該會引起很好的共鳴。所以我們開始了這一舉措，我認為它被很好地接受了。

We continue -- we've made a big push in order to grow our investment in the organization. And specifically, my #1 focus is to grow frontline salespeople. Those work and call and deal with customers and sometimes partners to grow the sales. My goal was 25% as soon as possible. As you can see in the chart, we're over 1 quarter, pretty much halfway there. And I expect that in the next 2, 3 months, we'll hit that target or be very close to it and we'll have more capacity to grow our sales in the second half of the year and mainly be ready for 2023 with the capacity that we need.

我們繼續——我們大力推動我們對組織的投資。具體來說，我的第一重點是培養一線銷售人員。那些工作、打電話和與客戶打交道，有時與合作夥伴打交道，以增加銷售額。我的目標是盡快達到 25%。正如您在圖表中看到的那樣，我們已經超過了 1 個季度，幾乎是一半。我預計在接下來的 2、3 個月內，我們將達到或非常接近這個目標，我們將有更多的能力在下半年增加銷售額，主要是為 2023 年做好準備我們需要的能力。

We've also continued the hiring in other parts of the organization. R&D we've been extremely successful, actually a little bit better than we anticipated. We already reached our year-end growth targets in many organizations, specifically in R&D. And that's despite the tough hiring condition, despite everything we're seeing all around the world of resignations and tough to recruit top talent. We've been more successful than we've anticipated. And by the way, that also has a slight impact on our expense level, which is higher than we anticipated because we hired too many people. But I think it's the right thing, and we are building the right infrastructure. We've also formed along these lines, the free rocket organization. And just to remind you, the idea with the rocket is to make a much tighter combination between R&D, sales and marketing and specific growth areas so we can launch it fast and be very, very agile and make bigger investments and bigger growth in key organization.

我們還繼續在組織的其他部門招聘。我們的研發非常成功，實際上比我們預期的要好一點。我們已經在許多組織中實現了年終增長目標，特別是在研發方面。儘管招聘條件很艱難，儘管我們在世界各地看到的一切都是辭職和難以招聘頂尖人才的情況。我們比我們預期的更成功。順便說一句，這也對我們的費用水平產生了輕微影響，這比我們預期的要高，因為我們僱用了太多人。但我認為這是正確的，我們正在建設正確的基礎設施。我們也沿著這些思路組建了自由火箭組織。提醒你一下，火箭的想法是在研發、銷售和營銷以及特定增長領域之間建立更緊密的結合，這樣我們就可以快速啟動它，非常非常靈活，在關鍵組織中進行更大的投資和更大的增長.

We started that structure with 3 organizations. The cloud organization, which is pretty big, over $100 million. Second is the Harmony e-mail, which is midsized tens of millions of dollars in sales based on the acquisition we did last year. But again, a great expansion area where we see a lot of success. And third 1 is more a startup is the rocket with hardly being launched, and that's the MDR, Managed Detection and Response or what I'd like to call it, Managed Prevention and Response because in Check Point, we don't just detect, we actually prevent the attack. So we've launched these 3 rockets and I think it's starting to work quite well. And hopefully, we'll see better -- more results and better results later in the year from that.

我們從 3 個組織開始了這種結構。相當大的雲組織，超過 1 億美元。其次是 Harmony 電子郵件，根據我們去年的收購，它的銷售額為數千萬美元。但同樣，這是一個巨大的擴展領域，我們看到了很多成功。第三個 1 更像是一家初創公司，是幾乎沒有發射的火箭，這就是 MDR，託管檢測和響應，或者我想稱之為託管預防和響應，因為在 Check Point，我們不只是檢測，我們實際上阻止了攻擊。所以我們已經發射了這三枚火箭，我認為它開始運作良好。希望我們會在今年晚些時候看到更好的結果和更好的結果。

So I think all in all, you see that we're executing on all the pillars and all the initiatives that we have. And I think that reflects in some of the business momentum that we've seen in the quarter. And without interfering too much with the financial slide that you already showed from Tal, just if you look at revenues, you can see that over the last 3 quarters, we had a very nice steady increase in the revenue growth. And if you remember, we've talked in the past about the fact that APAC, we got things pretty much right. EMEA, we did the major turnaround last year and brought new leadership and last year had an amazing result in EMEA. And we're saying U.S. is a little bit behind and here, you can see that the U.S. this quarter was starting to make this turnaround and produce very, very good growth rates across the board, which is something we are very proud of. So 3 quarters after we've had the new leader of our U.S. organization exactly a year ago. I think it was April or May of 2021.

所以我認為總而言之，你看到我們正在執行我們擁有的所有支柱和所有舉措。我認為這反映了我們在本季度看到的一些業務勢頭。在不過多干擾您已經從 Tal 展示的財務幻燈片的情況下，只要您查看收入，您就會發現在過去的 3 個季度中，我們的收入增長非常穩定。如果您還記得，我們過去曾討論過亞太地區的事實，我們做得非常正確。 EMEA，我們去年實現了重大轉變，帶來了新的領導力，去年在 EMEA 取得了驚人的成果。我們說美國有點落後，在這裡，你可以看到美國本季度開始出現這種轉變，並產生了非常非常好的全面增長率，這是我們非常自豪的事情。因此，就在一年前我們擁有美國組織的新領導人之後的三個季度。我想那是 2021 年 4 月或 5 月。

So 3 quarters later, we are seeing good traction here. And I really, really hope that this traction is a sign for continuous of this continuation of these charts. And this is best demonstrated by not just by the chart and the overall numbers, but where we win. And you can see a few examples. I've talked about the Harmony e-mail a rocket. So you can see some results with real customers, a big U.S. government agency, 40,000 users tested our solution within 10 minutes, they found 50,000 fishing attacks with our solution.

所以三個季度後，我們在這裡看到了良好的牽引力。我真的，真的希望這種牽引力是這些圖表持續延續的標誌。最好的證明不僅是圖表和總體數字，還有我們獲勝的地方。你可以看到一些例子。我已經談到了 Harmony 電子郵件火箭。所以你可以看到真實客戶的一些結果，一個大型的美國政府機構，40,000 名用戶在 10 分鐘內測試了我們的解決方案，他們使用我們的解決方案發現了 50,000 次釣魚攻擊。

We replaced the other vendor that was there before. Very proud of that and we are very happy about the results that we had. And number one, a big manufacturing, actually a sophisticated 1 in the technology space in North America had an e-mail-based attack wasn't happy that they weren't ready with their previous solution. And they found that with Check Point, they got the best catch rate and against 0-day malware, see slightly different than fishing attacks that was the -- about the other customer. 15,000 users implemented it on their cloud e-mail, again, great results, great success for this technology. But as I said, our success lies not on our -- vision is not just about individual components or -- but it's about the integration and the Infinity vision that we have. And you look at that and you see a few examples of customers that are expanding the use of our technologies with Infinity. All of them deploying more and more pillars from our technologies and look at the Check Point best security is the main reason to switch. You can see on the left side, the U.S. transportation in the rail industry in America, new customer where we replaced Cisco and softwood, they were looking at both our Quantum and Harmony families, not purchased our Harmony and Quantum family, again, great success in a new customer.

我們更換了之前的其他供應商。對此感到非常自豪，我們對我們取得的成果感到非常高興。第一，一個大型製造業，實際上是北美技術領域的一個複雜的 1 有一個基於電子郵件的攻擊，他們不高興他們沒有為之前的解決方案做好準備。他們發現，使用 Check Point，他們獲得了最好的捕獲率，並且針對 0-day 惡意軟件，與針對其他客戶的釣魚攻擊略有不同。 15,000 名用戶在他們的雲電子郵件上實施了它，再次取得了巨大的成果，這項技術取得了巨大的成功。但正如我所說，我們的成功不在於我們的 - 願景不僅僅是關於單個組件或 - 而是關於我們擁有的集成和無限願景。你看一下，你會看到一些客戶正在通過 Infinity 擴展我們技術的使用的例子。他們都從我們的技術中部署了越來越多的支柱，並著眼於 Check Point 的最佳安全性是切換的主要原因。您可以在左側看到，美國鐵路行業的美國運輸，我們更換思科和軟木的新客戶，他們正在查看我們的 Quantum 和 Harmony 系列，而不是購買我們的 Harmony 和 Quantum 系列，再次取得巨大成功在一個新客戶中。

In the middle, in the sports industry in the U.S. They actually implemented the full 3 pillars, Quantum, Harmony and CloudGuard. They found their testing that we provide much better security, much better management 1 against Palo Alto. And again, I gave all the examples so far about the U.S. because we truly had a good quarter in the U.S., but the rest of the world wasn't much behind the rest of the world was also good. So one example from Europe, European energy and utility vendor implemented Quantum and Harmony, 1 against Fortinet and Cisco, new customer, I think, but they found, again, the Check Point security to be the best. And these are all good examples. By the way, these are not the largest deals of the quarter. We had some really, really large deals and expansion of giant customers that we have in sectors that we all know, we chose here to show some new examples of new things and new initiatives that we are doing, and I think we're doing quite well on them.

中間，在美國的體育行業，他們實際上實現了完整的 3 個支柱，Quantum、Harmony 和 CloudGuard。他們發現他們的測試表明，我們針對 Palo Alto 提供了更好的安全性和更好的管理 1。再一次，我給出了迄今為止關於美國的所有例子，因為我們在美國確實有一個很好的季度，但世界其他地區並沒有落後太多，世界其他地區也很好。所以歐洲的一個例子是，歐洲能源和公用事業供應商實施了 Quantum 和 Harmony，1 對抗 Fortinet 和 Cisco，我認為是新客戶，但他們再次發現 Check Point 安全性是最好的。這些都是很好的例子。順便說一句，這些並不是本季度最大的交易。我們在眾所周知的領域進行了一些非常非常大的交易和大客戶的擴張，我們選擇在這裡展示一些我們正在做的新事物和新舉措的新例子，我認為我們做得很好對他們很好。

So if I need to summarize, we had a very good quarter. I couldn't be more pleased and again, some things you see here on the revenue side and on other metrics, some things I see internally and internally, the measures that we see are even healthier and better. Strong performance on the revenue and EPS. America strikes back. I think overall, our market despite all the challenges, despite the supply chain issues that are real, despite the tension in around the world, all of these have an impact on us. But despite all of that, I think the market remains healthy. Our results continue to be quite good and we continue to invest in growth. And this quarter, I'm very, very pleased to see that we saw the results, both on the investment side, but more important, on the top line side. And I hope that this traction will continue.

因此，如果我需要總結一下，我們有一個非常好的季度。我再一次感到非常高興，你在收入方面和其他指標上看到的一些事情，我在內部和內部看到的一些事情，我們看到的指標更加健康和更好。收入和每股收益表現強勁。美國反擊。我認為總體而言，儘管存在所有挑戰，儘管存在真實的供應鏈問題，儘管世界各地存在緊張局勢，但所有這些都對我們產生了影響。但儘管如此，我認為市場仍然健康。我們的業績仍然非常好，我們繼續投資於增長。本季度，我非常非常高興地看到我們看到了投資方面的結果，但更重要的是，在收入方面。我希望這種牽引力將繼續下去。

So thank you very much, and I would be very happy to open it to your questions or I don't know -- actually first let me speak about projections. So projection. You know my regular caveat, always upside, always challenges. These days specifically, there is plenty of challenges. And on the same token, I think we had a pretty good beginning of the year. Actually, I can't remember such a good start for the year many, many, many years. Usually, we start Q1 slow and when we accelerate. This year, we started very strong, and I hope it will be able to keep up with the pace of business that we had in the fourth quarter.

非常感謝你，我很樂意回答你的問題，或者我不知道——實際上首先讓我談談預測。所以投影。你知道我的常規警告，總是向上，總是挑戰。特別是這些天，有很多挑戰。同樣，我認為我們今年的開局不錯。事實上，我已經記不起這麼多年的好開始了。通常，我們在 Q1 開始時緩慢而在加速時。今年，我們開局非常強勁，我希望它能夠跟上我們在第四季度的業務步伐。

So projections. I mean, we are keeping the projections for the year and for the quarter, for the second quarter, which we didn't provide projections, revenues are expected to be in the range of $545 million to $575 million I think slightly higher than some of the models and some of the analysts. Non-GAAP EPS between the range of $1.55 to $1.65. GAAP EPS is expected to be approximately $0.35 less. I think we are -- again, I'm very optimistic. I don't want to be over optimistic. I don't want you to raise your expectations too much. But I think we had a very strong beginning of the year, and I hope that the rest of the year will show even more of that results flowing from our business pipeline to our business bookings to the revenues and to the EPS. So thank you very much, Tal, I don't know if you have something to add before we switch to the Q&A on the projections.

所以預測。我的意思是，我們保持對今年和第二季度的預測，我們沒有提供預測，收入預計在 5.45 億美元到 5.75 億美元之間，我認為略高於一些模型和一些分析師。非公認會計原則每股收益在 1.55 美元至 1.65 美元之間。 GAAP EPS 預計將減少約 0.35 美元。我認為我們 - 再次，我非常樂觀。我不想過於樂觀。我不希望你提高你的期望太多。但我認為我們今年的開局非常強勁，我希望今年餘下的時間將顯示更多的結果，從我們的業務渠道到我們的業務預訂再到收入和每股收益。非常感謝你，Tal，在我們切換到關於預測的問答之前，我不知道你是否有什麼要補充的。

No, thanks, Shwed. We can start with the question.

不，謝謝，Shwed。我們可以從這個問題開始。

All right. Our first question of the day is going to come from Saket Kalia, followed by Jonathan Ho from William Blair.

好的。我們今天的第一個問題將來自 Saket Kalia，其次是來自 William Blair 的 Jonathan Ho。

Okay. Great. Kip, can you hear me okay?

好的。偉大的。基普，你能聽到我的聲音嗎？

Yes, we can all hear you.

是的，我們都能聽到你的聲音。

Okay. Excellent. Great, everyone. Tal, maybe just to start with you. I appreciate you addressing the billings and bookings point upfront. I think you said double-digit growth in bookings and let's call it, 4% growth in billings. I was wondering if you could just dig into that divergence between bookings and billings a little bit more. Is that because of supply chain challenges as we've been hearing about? Is that because of Infinity? And related to that, when do you think those 2 metrics maybe start to converge a little bit more?

好的。出色的。太好了，大家。塔爾，也許只是從你開始。感謝您提前解決賬單和預訂問題。我想你說的是預訂量的兩位數增長，我們稱之為 4% 的賬單增長。我想知道您是否可以再深入研究一下預訂和賬單之間的差異。這是因為我們一直聽說的供應鏈挑戰嗎？是因為無限嗎？與此相關的是，您認為這兩個指標什麼時候可能會開始收斂一點？

Good question because if you recall, we've been here for a few years, and I always said, I don't want to give the billing because it will confuse you. So 2 quarters after we started, it's already confusing. The reason is there is always a gap. I mean it's not the first time it happened. Many times, there is a gap. Over time, of course, it closes, but in specific quarters it can be higher or lower and the reaction is always dramatic. So I thought in advance, I will give the explanation because now we give the billing. So I'll just give you 2 examples. Let's take Infinity. So Infinity typically -- I'll give you 3 examples just to give you a sense of why there can be gap.

好問題，因為如果你回想一下，我們已經在這裡幾年了，我總是說，我不想給賬單，因為這會讓你感到困惑。所以在我們開始兩個季度後，它已經很混亂了。原因是總是有差距。我的意思是這不是第一次發生。很多時候，有差距。當然，隨著時間的推移，它會關閉，但在特定的季度，它可能會更高或更低，而且反應總是很劇烈。所以我事先想好了，我會給出解釋，因為現在我們給出賬單。所以我只給你2個例子。讓我們以無限為例。所以通常是 Infinity——我會給你 3 個例子，只是為了讓你了解為什麼會有差距。

First, if you have a deal that was in quarterly, then of course, you will see only the first quarter in the billing, but in the booking, you will have the full amount. You have Infinity that the invoicing of the product is only once they pull it. And if you recall, we said in Infinity, they have a year, if they didn't pull it yet, you will not see the billing. That's another example.

首先，如果您有按季度進行的交易，那麼當然，您只會在賬單中看到第一季度，但在預訂中，您將獲得全部金額。您有 Infinity 產品的發票只有在他們拉動它時才開具發票。如果你還記得，我們在 Infinity 中說過，他們有一年，如果他們還沒有拉出來，你就不會看到賬單。那是另一個例子。

Another example, much simpler in product delivery. We issued the invoice only once we deliver. Now since this end of the quarter is typically very back-end loaded. In a regular universe, where you deliver in 5 hours since you provide the -- get the order. In the new universe, sometimes it takes you a week or 2 weeks or maybe 3 weeks. So you will see the billing only once you deliver. So all of the above can create a gap between the booking and the billing. So it's the same reasons that's always been. So there always was a difference between the billing and actually -- and then it translates, of course, to revenue. So there's like 3 legs: first, the bookings, then the billings, then the revenues. So you're a bit behind -- 2 steps behind the revenues. But it's never closed. Sometimes this is higher, something this is higher. Over a year, it should be aligned in a high level.

另一個例子，產品交付要簡單得多。我們僅在交付後才開具發票。現在，由於本季度末通常是非常後端加載的。在常規宇宙中，您在提供訂單後的 5 小時內交付 - 獲取訂單。在新宇宙中，有時需要一周或兩週或三週。因此，您只有在交付後才能看到帳單。因此，以上所有因素都會在預訂和計費之間造成差距。所以這也是一直以來的原因。因此，計費和實際情況之間總是存在差異 - 然後它當然會轉化為收入。所以有3條腿：首先是預訂，然後是賬單，然後是收入。所以你有點落後 - 比收入落後 2 步。但它從未關閉。有時這更高，這更高。一年多，應該在高水平上對齊。

Okay. Got it. Maybe the follow-up then for -- maybe I'll make it for you, Gil. You've talked about investing more in go-to-market. And I think some of the hiring numbers show that here as well. You've added new regional leadership as well to enable that. Gil, the question is, can you just maybe go 1-level deeper into some of the changes that you'd like to see in go-to-market to really sustain this type of growth?

好的。知道了。也許接下來是——也許我會為你做的，吉爾。您已經談到在上市方面進行更多投資。我認為一些招聘數字也表明了這一點。您還添加了新的區域領導層來實現這一點。吉爾，問題是，您能否更深入地了解您希望在上市中看到的一些變化，以真正維持這種類型的增長？

I think there is many -- first, I think we have an amazing team of people in our field, and they are doing the job. But I think we need to be far more aggressive in addressing customers, far more intimate with customers. I think 1 of the things that's holding us back that we have very loyal customers. They like us. They stick to us, but they work with us on the firewall side, on the network security side, and we have to work really hard in order to be elevated in the organization and get to other projects in other areas. We have to attack more and get more new customers, and I think we can do that. I think we need to, in many cases, be more aggressive on that, expand the methodologies that we work, get to the relevant points about providing the best security. Again, we've always stood to provide the best securities.

我認為有很多——首先，我認為我們在我們的領域擁有一支了不起的團隊，他們正在做這項工作。但我認為我們需要更積極地應對客戶，與客戶更加親密。我認為阻礙我們前進的原因之一是我們擁有非常忠誠的客戶。他們喜歡我們。他們堅持我們，但他們在防火牆方面與我們合作，在網絡安全方面，我們必須非常努力地工作才能在組織中得到提升並進入其他領域的其他項目。我們必須進行更多的攻擊並獲得更多的新客戶，我認為我們可以做到這一點。我認為，在許多情況下，我們需要在這方面更加積極，擴展我們工作的方法，找到提供最佳安全性的相關點。同樣，我們始終堅持提供最好的證券。

When you're already a customer, you take that for granted. You don't even see it. You think that, that's the world, we need to make sure that people understand it and people understand that there is a huge differentiation in products and vendors in the level of security. We get too many environments where our competitors were. We replaced the competitive product, and we see that the product was activated with very, very basic elementary security capabilities. And when we start enabling more advanced security capabilities, we find so much things that can be stopped. So I think these are some of the biggest changes that we had. And it's a coverage and it's -- again, there's all these things that needs to be done on the field. And again, the combination of sales and marketing and also add to that I think we're making good progress on all of that, and hopefully, we'll do even more.

當您已經是客戶時，您會認為這是理所當然的。你甚至看不到它。你認為，這就是世界，我們需要確保人們理解它，並且人們理解產品和供應商在安全級別上存在巨大差異。我們有太多競爭對手所在的環境。我們更換了競爭產品，我們看到該產品被激活了非常非常基本的基本安全功能。當我們開始啟用更高級的安全功能時，我們會發現很多事情可以阻止。所以我認為這些是我們所做的一些最大的改變。這是一個報導，它是——再一次，所有這些事情都需要在球場上完成。再一次，銷售和營銷的結合，我認為我們在所有這方面都取得了良好的進展，希望我們能做得更多。

Our next question is going to come from Jonathan Ho followed by Keith Bachman from BMO.

我們的下一個問題將來自 Jonathan Ho，然後是 BMO 的 Keith Bachman。

Fantastic. Congratulations on the strong quarter. I just wanted to follow-up on Saket's question regarding RPO and supply chain challenges. Do you expect RPO to continue growing from here? Or do you think maybe this could maybe reverse course? I just want to get a sense -- like I know you're not guiding, but just how we should think about maybe that normalization and what that pattern could look like this year given the impact of billings?

極好的。祝賀強勁的季度。我只是想跟進 Saket 關於 RPO 和供應鏈挑戰的問題。您是否期望 RPO 從這裡繼續增長？還是您認為這可能會逆轉？我只是想了解一下——就像我知道你不是在指導，而是我們應該如何考慮這種正常化，以及考慮到比林斯的影響，今年這種模式會是什麼樣子？

I think at the end -- I'll take that and Gil, you're welcome to add. I'll just say, remember, all these measurements, including RPO, is basically a reflection of the backlog and backlog is affected by the billing minus whatever by the booking, minus whatever you recognize as revenue, right? That's your remaining obligation. So if the booking is good, then it should increase. If the booking is not good, it will decrease, but I will always say you need to watch out for fluctuation between quarters that can happen very easily. If I get a very large contract, that is a multiyear, then your RPO will increase. That's why I'm actually not using that as a metric because I don't want to confuse you. I just tried to give you color from a few angles, you will feel comfortable to understand and that's why I didn't only tell you the RPO, which I never do and I don't intend to as well. But just to give you a few years of comfort level, so you will have transparency.

我想最後 - 我會接受，吉爾，歡迎你補充。我只想說，記住，所有這些測量，包括 RPO，基本上都是積壓的反映，積壓受計費減去預訂的影響，減去你認為的收入，對嗎？那是你剩下的義務。因此，如果預訂良好，則應該增加。如果預訂不好，它會減少，但我總是說你需要注意很容易發生的季度之間的波動。如果我得到一份非常大的合同，即多年期，那麼您的 RPO 將會增加。這就是為什麼我實際上沒有使用它作為衡量標準，因為我不想讓你感到困惑。我只是試著從幾個角度給你顏色，你會覺得理解起來很舒服，這就是為什麼我不只告訴你 RPO，我從不這樣做，我也不打算這樣做。但只是為了給你幾年的舒適度，這樣你就會有透明度。

I gave you also the booking, and I told you annualized booking on purpose because annualized booking takes away the multiyear and they increased in double digits. So it was a really healthy quarter. When we look at product, product was also double digits. So the business was really healthy in any cut. What will happen in a specific quarter I don't think it's the right metrics to be honest. I always said it because I think it can fluctuate, depends on large deals that can come in, in 1 quarter and move between quarters. So you need to look at the full picture typically.

我也給了你預訂，我故意告訴你年化預訂，因為年化預訂帶走了多年，它們以兩位數增長。所以這是一個非常健康的季度。當我們看產品時，產品也是兩位數。因此，無論削減多少，該業務都非常健康。在特定季度會發生什麼，老實說，我認為這不是正確的指標。我總是這麼說，因為我認為它可能會波動，取決於可能在 1 個季度和季度之間移動的大筆交易。因此，您通常需要查看全貌。

That's helpful. And then just given some of the shorter delays that you have in terms of product availability and supply chain challenges relative to competitors. Are you seeing this dynamic help your business in terms of win rates or any -- and also are you seeing any early order activity from customers as well?

這很有幫助。然後只是考慮到您在產品可用性和供應鏈挑戰方面相對於競爭對手的一些較短的延遲。您是否看到這種動態在贏得率或任何方面幫助您的業務 - 您是否也看到客戶的任何早期訂單活動？

I didn't hear the end of the sentence. Can you repeat the end.

我沒有聽到這句話的結尾。能不能重複一下結尾。

Are you seeing any early ordering activity, so preordering activity from customers who are worried about delays?

您是否看到任何提前訂購活動，因此擔心延遲的客戶的預購活動？

Maybe I'll start with the end. You can't really know. But remember that we don't sell to inventories, except for very low level that's needed by the regular business. We make sure there's a customer at the end of the road. So if the customer decided to order earlier, maybe it happens. But I don't see something very big relating to that. We looked at it last quarter. I didn't really hear it in a big way but it might happen. I'm just not aware of that in...

也許我會從結尾開始。你真的無法知道。但請記住，我們不向庫存銷售，除非是常規業務所需的非常低的水平。我們確保在路的盡頭有客戶。因此，如果客戶決定提前訂購，也許會發生。但我沒有看到與此相關的非常大的東西。我們在上個季度看過它。我並沒有真正聽到它，但它可能會發生。我只是不知道在...

Maybe I jump in here. I think we did win some projects because we were able to supply products and some competitors didn't, and that's good. But on the same time, we had the opposite effect because some customers were building data centers. We couldn't get their other equipment, servers, networking equipment and so on from other vendors and delayed the whole project even while we were ready to supply. So I can say that our ability or Tal's team ability to work with our suppliers and deliver products. Of course, it was very important to us, but I can say that it increased the business by a big way because, again, there is an impact. If the customer can get their switches, routers, then they don't also, don't get -- they delayed the order for their security.

也許我跳在這裡。我認為我們確實贏得了一些項目，因為我們能夠提供產品而一些競爭對手沒有，這很好。但與此同時，我們產生了相反的效果，因為一些客戶正在建設數據中心。我們無法從其他供應商那裡獲得他們的其他設備、服務器、網絡設備等，即使我們準備好供應，也推遲了整個項目。所以我可以說我們的能力或 Tal 的團隊與供應商合作和交付產品的能力。當然，這對我們來說非常重要，但我可以說它極大地增加了業務，因為再次產生了影響。如果客戶可以得到他們的交換機、路由器，那麼他們也沒有，也沒有得到——他們出於安全考慮推遲了訂單。

All right. Our next question comes from Keith Bachman, followed by Philip Winslow. And if we could keep the questions to one, that would be greatly appreciated.

好的。我們的下一個問題來自 Keith Bachman，然後是 Philip Winslow。如果我們能將問題保留一個，那將不勝感激。

Kip, can you hear me okay?

基普，你能聽到我的聲音嗎？

Yes, we can.

我們可以。

Great. Tal, I wanted to come back to you. On the last quarter, you had talked about as you look out over the course of calendar year '22, the opportunity to grow double digits. And I just want to hear based on a lot of questions on the difference between billings and kind of underlying fundamentals. But as you think about the opportunity for billings for the year, how should we be thinking about that? Or would you rather characterize that as the opportunity to reach double digits in revenue in terms of growth. So we're all just trying to filter the disparity between, I think, the solid revenue performance and underlying bookings versus the billings. And Kip, I know you asked me to keep it one, but was hoping also, Gil, you could just touch on any initial thoughts on Lightspeed would be great kind of traction and how we should be thinking about that over the course of calendar year '22.

偉大的。塔爾，我想回到你身邊。在上個季度，您在 22 年日曆年的過程中談到了增長兩位數的機會。我只是想听聽關於賬單和基本基本面之間差異的很多問題。但是當您考慮今年的賬單機會時，我們應該如何考慮呢？或者您更願意將其描述為收入增長達到兩位數的機會。因此，我認為，我們都只是試圖過濾穩健的收入表現和潛在預訂與賬單之間的差異。還有 Kip，我知道你讓我保留它，但我也希望 Gil，你可以談談關於 Lightspeed 的任何初步想法，這將是一種很好的牽引力，以及我們應該如何在日曆年的過程中考慮這一點'22.

Kip asking not to ask 2 questions, not because we mind just because we don't remember the first question.

基普要求不要問兩個問題，不是因為我們不記得第一個問題而介意。

I'm hoping Kip doesn't remember that I asked two questions.

我希望基普不記得我問了兩個問題。

I think it was about the projection for the year. So I'll say the following. In order to reach -- if you remember, 1 of our biggest milestones that we were looking for was -- and internally, we also defined it in new business, double-digit growth because new business when you sell product and when you sell new Harmony or a new Quantum because that's the way they grow because renewals are really healthy. So it was never the concern, right? So we are focusing on the new business. So our focus on double-digit new business remains the focus, and we believe we're going to achieve that. That's what we're aiming for. We need that in order to be able, over time, to get to the double-digit growth in the revenues.

我認為這是關於今年的預測。所以我會說以下。為了達到——如果你還記得的話，我們一直在尋找的最大里程碑之一是——在內部，我們還將它定義為新業務，兩位數的增長，因為當你銷售產品和銷售新產品時的新業務Harmony 或新的 Quantum，因為這是他們成長的方式，因為更新真的很健康。所以這從來都不是問題，對吧？所以我們專注於新業務。因此，我們對兩位數新業務的關注仍然是重點，我們相信我們將實現這一目標。這就是我們的目標。我們需要這樣才能隨著時間的推移實現收入的兩位數增長。

On the revenues, you have the first step, which is, of course, the milestone that we actually hit this quarter, and I hope it will stay that way. The combination of the product and the subscription, a lot of it is the new business because product is a new business and subscription, some of it is renewals, some of it is new. But when you're in double-digit growth there, you got to have new business in order to get to double digit, otherwise, if you just renew then you're a low single digit, just like the support. So to answer your question, we need to grow double digit on our new business in order to achieve our target of growing our revenues.

在收入方面，你已經邁出了第一步，這當然是我們本季度實際達到的里程碑，我希望它會保持這種狀態。產品和訂閱的結合，很多都是新業務，因為產品是新業務和訂閱，有些是續訂，有些是新的。但是當你在那裡實現兩位數的增長時，你必須有新的業務才能達到兩位數，否則，如果你只是更新，那麼你就是一個低個位數，就像支持一樣。因此，要回答您的問題，我們需要在新業務上實現兩位數的增長，以實現我們增加收入的目標。

Okay. Great.

好的。偉大的。

And I think Lightspeed, I think is, in Lightspeed, we had good traction. We didn't have too many deliveries, but we did what we do have some major customers that are big enthusiastic about that. And we do have good pipeline and I think good order book for Lightspeed in general. So I think it didn't have much impact on the first quarter in terms of revenues. But so far, the traction is pretty positive.

我認為 Lightspeed，我認為，在 Lightspeed 中，我們有很好的牽引力。我們沒有太多的交付，但我們做了我們所做的事情，有一些對此非常感興趣的主要客戶。而且我們確實有很好的管道，我認為 Lightspeed 的訂單總體上很好。所以我認為就收入而言，它對第一季度的影響不大。但到目前為止，牽引力是相當積極的。

Our next question comes from Philip Winslow, followed by Patrick Colville.

我們的下一個問題來自 Philip Winslow，其次是 Patrick Colville。

Just had a question focusing on the pricing environment. Obviously, there are a lot of moving parts here. Just curious what you're seeing out there. Obviously, you've got component issues, component price increases, but also you generally do price in U.S. dollars and there's obviously been some FX fluctuations there. So I guess maybe if you could break down sort of just what you're seeing in terms of just, call it, like the product and the new subscription bookings and any sort of pricing impact there? And then also, just as you think about just the renewal side, maintenance and subscription, anything there as well.

剛剛有一個關於定價環境的問題。顯然，這裡有很多活動部件。只是好奇你在外面看到了什麼。顯然，您遇到了組件問題，組件價格上漲，而且您通常以美元定價，並且顯然存在一些外匯波動。所以我想也許你可以分解一下你所看到的只是，稱之為，比如產品和新的訂閱預訂以及那裡的任何形式的定價影響？然後，就像您考慮更新方面、維護和訂閱一樣，還有任何事情。

Okay. I can say one thing is clear. The price of the component definitely moved up. One way street, okay? So you can see it in our cost of goods sold, it's moved up and it's part of the gross margin that you see. So that's the only thing that is clear. When it comes to the revenue side, then you have a lot of things moving, and it's very hard to know, of course. So we increased the price, if you remember, in 7%, which I think is the lowest from any other vendor. I think content increasing like 30% and the Palo Alto maybe in 8%, and we increased in 7%. But if you ask if it to reach the end user, I would say it depends, some it did, some it didn't. It depends on the project. It depends on the competition, just like any product. So it's harder to measure that. And when it comes to the expenses, then that's the only thing, again, clearly, you can measure. Year-over-year, we actually aligned. So the effect on the expenses of the currency, Q1 versus Q1 is very minor, maybe $1 million or $2 million. The real effect is the growth in the headcount, which is, again, you will see it also in Q2, you saw it as part of the guidance as well because we recruited them towards February, March. So you actually see the effect more fully in Q2.

好的。我可以說一件事很清楚。組件的價格肯定上漲了。一條街，好嗎？因此，您可以在我們的銷售商品成本中看到它，它上升了，它是您看到的毛利率的一部分。所以這是唯一清楚的。說到收入方面，你有很多事情在動，當然很難知道。因此，如果您還記得的話，我們將價格提高了 7%，我認為這是其他供應商中最低的。我認為內容增加了 30%，Palo Alto 可能增加了 8%，我們增加了 7%。但如果你問它是否能到達最終用戶，我會說這取決於，有些可以，有些沒有。這取決於項目。這取決於競爭，就像任何產品一樣。所以更難衡量。當涉及到費用時，那是唯一的事情，同樣，很明顯，你可以衡量。年復一年，我們實際上是一致的。因此，第一季度與第一季度對貨幣費用的影響非常小，可能是 100 萬美元或 200 萬美元。真正的影響是員工人數的增長，同樣，您也會在第二季度看到它，您也將其視為指導的一部分，因為我們在 2 月、3 月招募了他們。所以你實際上在第二季度更全面地看到了效果。

Kip, you're on mute.

基普，你靜音了。

Next up is Patrick Colville, followed by Shaul Eyal.

接下來是帕特里克科爾維爾，其次是肖爾埃亞爾。

So I'm just going to ask about the kind of geographic segmentation. I mean, Check Point's business over the last 4 years has done extremely well in EMEA. I mean that's been the standout success for the company. And maybe Americas somewhat underperforming. If I look at the results this quarter, to me, actually, the trend is very much changed. And If I look at sequential growth, Americas was actually very healthy and above trend. I look at EMEA, it was somewhat disappointing versus recent trends. If my numbers are correct, it's a 19% sequential decline. So can we just talk about geographic segmentation?

所以我只想問一下地理分割的類型。我的意思是，Check Point 過去 4 年的業務在歐洲、中東和非洲地區的表現非常出色。我的意思是，這對公司來說是非常成功的。也許美洲表現不佳。如果我查看本季度的結果，對我來說，實際上趨勢發生了很大變化。如果我看一下連續增長，美洲實際上非常健康並且高於趨勢。我看看 EMEA，與最近的趨勢相比，這有點令人失望。如果我的數字是正確的，那就是連續下降 19%。那麼我們可以只談談地理分割嗎？

Wait, wait. Let's stop here. I'm not sure I understand. All of them increased if you compare quarter-to-quarter, all of them increased in 6%, 7%, 8%. So all of them increased year-over-year.

等等。讓我們停在這裡。我不確定我是否理解。如果按季度比較，它們都增加了，它們都增加了 6%、7%、8%。因此，它們都逐年增加。

(inaudible) revenues, actually year-over-year, it may increase a little bit more, but once again, because of projects we want in previous quarters. I think all in all, they were very healthy. This quarter, we had a big turnaround in America in terms of the internal metrics, America had the best results. But Europe remains as healthy as it could be. And that remember, Europe also suffered from lack of sales in Russia and Ukraine. So -- but still, I mean, I'm taking that apart, Europe had a very healthy quarter, everything included.

（聽不清）收入，實際上與去年同期相比，可能會增加一點，但再一次，因為我們在前幾個季度想要的項目。我認為總而言之，他們非常健康。本季度，我們在美國的內部指標方面有了很大的轉變，美國取得了最好的成績。但歐洲仍然盡可能健康。請記住，歐洲也因俄羅斯和烏克蘭的銷售不足而受苦。所以 - 但是，我的意思是，我把它分開了，歐洲有一個非常健康的季度，包括一切。

But you're right that the growth was slower than what you've seen in Q3 and in Q4.

但是你說得對，增長速度比你在第三季度和第四季度看到的要慢。

Yes. The metric I was referring to was sequentially from -- if you look at a dollar amount in 4Q and then looking at the dollar amount in 1Q. No doubt how then -- but I guess, it was anything to call out. So Gil, you mentioned Russia, but is anything just so we should be aware of so that we can kind of factor that entire thing...?

是的。我所指的指標是按順序排列的——如果您查看第四季度的美元金額，然後查看第一季度的美元金額。毫無疑問，那是怎麼回事——但我想，這沒什麼好說的。所以吉爾，你提到了俄羅斯，但有什麼是我們應該意識到的，以便我們可以考慮整個事情......？

The main effect in Q1 is Russia. Of course, we have basically no revenues so that sits in Europe, of course.

Q1的主要影響是俄羅斯。當然，我們基本上沒有收入，所以當然是在歐洲。

But again, Europe is healthy, and I am very, very, very happy with what's going on for us in EMEA, Europe. I wish it everything would behave like that.

但同樣，歐洲很健康，我對我們在歐洲、歐洲、中東和非洲地區正在發生的事情感到非常、非常、非常滿意。我希望一切都會這樣。

All right. Next up is Shaul Eyal, followed by Matthew Hedberg.

好的。接下來是 Shaul Eyal，接下來是 Matthew Hedberg。

Thank you. Good afternoon, good morning, everybody. So Gil, you're essentially keeping guidance intact for the year. You've accelerated your year-over-year growth to 7% as we've seen in the first quarter, sound very bullish, some of us who covered you for ages, like we haven't seen you as bullish as you are for some time now. But still, you're keeping your wide annual guidance intact and still at the bottom of it, it implies a decline. Why not narrow the bottom range of your guidance? And maybe also, I know you've just mentioned Russia, but kind of what's your view on holding business in China? Are you getting out? Are you still conducting business in Russia, I'm sorry?

謝謝你。大家下午好，早上好。所以吉爾，你基本上保持了今年的指導不變。正如我們在第一季度看到的那樣，您已將同比增長加速至 7%，這聽起來非常樂觀，我們中的一些人多年來一直關注您，就像我們沒有看到您像您一樣看好現在有一段時間了。但是，您仍然保持廣泛的年度指導不變，並且仍然處於其底部，這意味著下降。為什麼不縮小指導的底部範圍？也許還有，我知道你剛剛提到了俄羅斯，但你對在中國開展業務有何看法？你要出去嗎？你還在俄羅斯做生意嗎，對不起？

So I think that you're right about that. We haven't got too much into the annual guidance and updating the model just in terms of analyzing it. I'm very bullish and positive. So I think you're reading me right. I'm not trying to do that. Remember, there are still risks. I mean there are still a lot of unrest in the world economy. We don't know what will be the impact of the inflation. We don't want -- know what will be the impact of the -- of over effect. Even the unrest in Europe, we hope it will be peace resumes and business is going to go all over the world. But Russia and Ukraine represent many tens of millions of revenues that are right now pretty much lost for us. And I don't know if we will recover them in the remainder of the year or if we will start doing more business there if -- again, hopefully will be some peace reached. So I think overall, I'm positive. I think in -- I would like to say in usual circumstances, but there's never usual circumstances. In usual circumstances, that will probably easily raise the lower part of our guidance because we just had 1 quarter that was a little bit better. And again, I'm optimistic. But again, remember, there is a lot of things that can change, and I hope that I don't want to jinx it by being total...

所以我認為你是對的。僅就分析而言，我們對年度指導和更新模型沒有太多了解。我非常樂觀和積極。所以我認為你沒看錯。我不想那樣做。請記住，仍然存在風險。我的意思是，世界經濟仍然存在很多動盪。我們不知道通貨膨脹會產生什麼影響。我們不希望 - 知道過度效應的影響會是什麼。即使是歐洲的動亂，我們也希望這將是和平的恢復，商業將走向世界。但俄羅斯和烏克蘭代表著數千萬的收入，而這些收入現在對我們來說幾乎是損失了。我不知道我們是否會在今年餘下的時間裡恢復它們，或者我們是否會開始在那裡開展更多業務——再次，希望能達成一些和平。所以我認為總的來說，我是積極的。我認為——我想說的是通常情況下，但從來沒有通常情況下。在通常情況下，這可能很容易提高我們指導的下半部分，因為我們只有 1 個季度好一點。再說一次，我很樂觀。但是，請記住，有很多事情是可以改變的，我希望我不想因為完全而毀了它……

I would just say because when you think of where the where the sensitivity is in the range. It's typically in the product, right? Because support and subscription, you have slightly better visibility, much better visibility. The product is sort of every quarter as you go. And in a universe that's the situation and the supply chain is to be more prudent to keep a wider range.

我只想說，因為當您想到靈敏度在範圍內的位置時。它通常在產品中，對嗎？由於支持和訂閱，您的可見性稍好，可見性要好得多。隨著您的使用，該產品幾乎每個季度都有。在這樣的情況下，供應鏈要更加謹慎，以保持更廣泛的範圍。

Next up is Matthew Hedberg followed by Adam Tindle.

接下來是 Matthew Hedberg，然後是 Adam Tindle。

Tal, I had a question for you. We really do appreciate your comments on annualized bookings. That's super helpful. I guess I'm wondering, could you put a little bit more color on that? And maybe comment on bookings duration and maybe how it changed from 4Q to 1Q? And were there any very large sort of multiyear deals that impacted Q1 this quarter?

塔爾，我有一個問題要問你。我們非常感謝您對年度預訂的評論。這非常有幫助。我想我想知道，你能在上面加一點顏色嗎？也許評論預訂持續時間以及它如何從 4Q 到 1Q 變化？是否有任何非常大的多年交易影響了本季度的第一季度？

No, because remember, if I say annualized booking is on purpose eliminating that. I can tell you -- off the record, nobody is listening, that also booking was double digit, okay? But I wanted to give the annualized, so there won't be a follow-up question of, did you get a really big, large deal of multiyear? So I wanted to put the farther away and just to say, actually annualized business run rate moved up in the double-digit bookings. So that was really nice to see that. So that was my point. I eliminate it. Did we have in the booking also a nice double -- also a nice large deal? Yes, every quarter, we have a large nice deals. So yes, it was a good quarter also for transactions or customers that purchased above $1 million. We had an increase in debt, both in number of deals and in dollars. So that was also a healthy metric.

不，因為請記住，如果我說年度預訂是故意消除這種情況。我可以告訴你——不記錄，沒有人在聽，預訂也是兩位數，好嗎？但我想給出年度化的，所以不會有後續問題，你得到了非常大的多年期交易嗎？所以我想放得更遠，只是說，實際上年化業務運行率在兩位數的預訂中上升。所以很高興看到這一點。這就是我的觀點。我消除它。我們在預訂中是否也有一個不錯的雙人間 - 也是一個不錯的大筆交易？是的，每個季度，我們都有大量優惠。所以，是的，對於購買超過 100 萬美元的交易或客戶來說，這也是一個不錯的季度。我們的債務增加了，無論是交易數量還是美元。所以這也是一個健康的指標。

Next up is Adam Tindle, followed by Andrew Nowinski.

接下來是亞當廷德爾，其次是安德魯諾溫斯基。

All right. Gil, I just wanted to ask on the go-to-market investments, particularly around the Americas region investors often compare this to a few years ago with the hiring of Chris Scanlan and others. And how the mixed feelings looking back at that period of time, and Chris has now moved on. This time, you're off to a very strong start with acceleration in metrics in the Americas. What did you learn from that period before? And maybe what's different this time with Grupo and the investments that you're doing?

好的。吉爾，我只是想問一下上市投資，特別是在美洲地區，投資者經常將其與幾年前僱用 Chris Scanlan 和其他人進行比較。以及回首那段時間是多麼的百感交集，克里斯現在已經繼續前行了。這一次，您在美洲的指標加速方面有了一個非常好的開端。你從之前的那個時期學到了什麼？也許這次 Grupo 和您正在進行的投資有什麼不同？

First, I think every person that we hire, we hire because we think that we are good. And by the way, we did have a lot of good people, some fit and some were able to execute better and some didn't. And some of it, by the way, is the people in the field. Some of us is us in headquarter, but don't always provide the best thing. For example, in the past, I focused a lot about improving the sales productivity, which I think we still can. We can improve the individual productivity.

首先，我認為我們僱傭的每一個人，都是因為我們認為自己很優秀。順便說一句，我們確實有很多優秀的人，有些人很健康，有些人能夠更好地執行，有些人則沒有。順便說一句，其中一些是該領域的人。我們中的一些人在總部，但並不總是提供最好的東西。例如，在過去，我非常關注提高銷售效率，我認為我們仍然可以。我們可以提高個人生產力。

Today, I think that we can do that in conjunction with bigger investments. So not just stop and say that's what we have, let's grow the productivity by 10% or 20% of the existing people. But let's do that, but also add in this case, 25% more headcount. So overall, if we succeed on both, we'll have double the -- I mean we'll have more capacity. If we succeed only on one, we will still do well. So right now I mean I would say I've learned that I want to invest more in the business, and maybe we could have done it in the past, too.

今天，我認為我們可以結合更大的投資來做到這一點。所以不要只是停下來說這就是我們所擁有的，讓我們將現有員工的生產力提高 10% 或 20%。但是讓我們這樣做，但在這種情況下還要增加 25% 的員工人數。所以總的來說，如果我們在這兩個方面都取得成功，我們將擁有雙倍的——我的意思是我們將擁有更多的能力。如果我們只成功了一個，我們仍然會做得很好。所以現在我的意思是我會說我已經知道我想在業務上進行更多投資，也許我們過去也可以這樣做。

And I think, overall, I think time will tell, again, now 3 quarters in the job, [Jaff,] our new leader in America has produced a very, very good quarter. I hope it will remain that way. I'm very pleased with that. Would have liked it to be 2 quarters in? Yes, could it happen 5 quarters later? It could. I mean there's no way secret here and we'd like -- always we like better results faster. That's -- I think you like it, well, I like it too. And 3 is not bad, by the way, 3 quarters to make a change.

而且我認為，總的來說，我認為時間會再次證明，現在工作已經完成了三個季度，[Jaff，]我們在美國的新領導人已經創造了一個非常非常好的季度。我希望它會保持這種狀態。我對此非常滿意。會希望它是 2 個季度嗎？是的，它會在 5 個季度後發生嗎？它可能。我的意思是這裡沒有什麼秘密，我們希望 - 我們總是希望更快地獲得更好的結果。那是——我想你喜歡它，嗯，我也喜歡它。而且3還不錯，對了，3個季度做出改變。

All right. Thank you, Adam. Our next question is from Andrew Nowinski, followed by our last question from Gregg Moskowitz.

好的。謝謝你，亞當。我們的下一個問題來自 Andrew Nowinski，接下來是來自 Gregg Moskowitz 的最後一個問題。

I wanted to ask about your product revenue obviously, up 6% this quarter on the heels of the recent Lightspeed launch. I'm wondering given that there was an acceleration in light of the chip shortage that you're dealing with as well. Are you seeing any sort of perhaps cannibalization with the new Lightspeed appliances, maybe seeing growth there versus cannibalizing some of your other next-gen firewall solutions are both doing well. If you could just give us some color on the appliance growth you're seeing and how sustainable that is going forward?

我顯然想問一下你們的產品收入，在最近的 Lightspeed 發布之後，本季度增長了 6%。我想知道，鑑於您正在處理的芯片短缺問題正在加速。您是否看到新的 Lightspeed 設備有任何形式的蠶食，也許看到那裡的增長與蠶食您的其他一些下一代防火牆解決方案都做得很好。如果你能給我們一些關於你所看到的電器增長的顏色，以及未來的可持續性如何？

So I think overall, I don't have all the data in front of me. We had very, very healthy growth in appliance sales. Lightspeed didn't have much impact on the quarter results. It's still -- I mean, I mean, again, it has -- I've mentioned it -- we had a good order backlog. We had some big customers that have adopted it, but we don't think it has significant or any impact on the quarter results. And overall, when I look at what's happened to appliance sales, extremely positive, almost all product families grew nicely. Number of units grew very well. I think ASP, I'm not sure if it went up or it remains steady on the different families. Again, the mix of the families can cause that to fluctuate a little bit. I don't know, Tal, if there's more color to that. But I think overall (inaudible)...

所以我認為總的來說，我面前沒有所有數據。我們在家電銷售方面有非常非常健康的增長。 Lightspeed 對季度業績沒有太大影響。它仍然 - 我的意思是，我的意思是，它有 - 我已經提到過 - 我們有一個很好的訂單積壓。我們有一些大客戶採用了它，但我們認為它對季度業績沒有重大或任何影響。總體而言，當我查看家電銷售的情況時，非常積極，幾乎所有產品系列都增長良好。單位數量增長非常好。我認為 ASP，我不確定它是上升還是在不同的家庭中保持穩定。同樣，家庭的混合可能會導致波動。我不知道，塔爾，是否還有更多色彩。但我認為總的來說（聽不清）......

I think when you look at the product, except for anecdotes, it grew in unit, and grew in dollar by each family both in ASP, which was steady, didn't go down, again, except for anecdotes. But in general, it was healthy and the new product didn't affect it yet because it's small. We need to monitor it, of course, because I know why you asked. We talked about it in the beginning of the year. It's one of the reasons there might be some cannibalization there. So it didn't start and we're planning to try to avoid that part, right? So it's not there yet.

我認為當您查看產品時，除了軼事之外，它以單位增長，並且每個家庭的美元都在 ASP 中增長，穩定，沒有再次下降，除了軼事。但總的來說，它是健康的，新產品還沒有影響它，因為它很小。當然，我們需要監控它，因為我知道你問的原因。我們在年初談過這件事。這是那裡可能存在一些自相殘殺的原因之一。所以它並沒有開始，我們打算盡量避免那部分，對吧？所以它還沒有。

All right. Our last question is from Gregg Moskowitz. Go for it, Gregg.

好的。我們的最後一個問題來自 Gregg Moskowitz。去吧，格雷格。

I'll look at what some others said about appreciating the additional bookings and RPO disclosures on this call. From a booking perspective specifically, I just would love to hear kind of how you would characterize the linearity this quarter as compared with a typical Q1?

我將看看其他人對此次電話會議的額外預訂和 RPO 披露的評價。特別是從預訂的角度來看，我很想听聽與典型的第一季度相比，您如何描述本季度的線性度？

Slightly. First, our linearity is still very much back-end load, but I think this quarter looked well from the very beginning of the quarter. So again, still the majority of orders we get in the last few weeks of the quarter. But I think this quarter, it was a slightly, I mean, actually, I don't know, I don't want to mislead us. I don't know if it was more or less backloaded, but from the beginning, it was very healthy. We had a very healthy growth of the booking from the first few weeks of the quarter.

輕微地。首先，我們的線性度仍然是非常多的後端負載，但我認為本季度從一開始就看起來不錯。同樣，我們在本季度的最後幾週獲得的大部分訂單仍然是。但我認為這個季度，我的意思是，實際上，我不知道，我不想誤導我們。我不知道它或多或少是後載的，但從一開始，它就非常健康。從本季度的前幾週，我們的預訂量實現了非常健康的增長。

All right. Thank you all for joining us today. We appreciate your participation. And we look forward to seeing you throughout the quarter. And if you would like to have a chat with us after the call, please reach out, send me an e-mail at kip@checkpoint.com. Thank you, guys. Have a great day.

好的。感謝大家今天加入我們。我們感謝您的參與。我們期待在整個季度見到您。如果您想在通話後與我們聊天，請聯繫我們，發送電子郵件至 kip@checkpoint.com。感謝你們。祝你有美好的一天。

Thank you.

謝謝你。

Bye-bye.

再見。