Check Point Software Technologies Ltd (CHKP) 2021 Q4 法說會逐字稿

2021 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, this video conference is live on our website and is recorded for replay. (Operator Instructions).

2021 年財務業績視頻會議。 （操作員說明）。今天與我遠程通話的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，該視頻會議在我們的網站上直播，並進行了錄製以供重播。 （操作員說明）。

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 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 related to cyber security 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, the market for IT, security, continuing to develop competition from other products and services and general market, political and economic and business conditions, including as a result of the impact of COVID-19 pandemic.

在此演示過程中，Check Point 的代表可能會做出某些前瞻性陳述。這些前瞻性陳述符合 1933 年證券法第 27A 條和 1934 年證券交易法第 21E 條的含義，包括但不限於與 Check Point 對我們的產品和解決方案的預期、相關預期網絡安全和其他威脅、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、客戶接受和購買我們現有解決方案和新解決方案、IT 市場、安全性、繼續發展來自其他公司的競爭產品和服務以及一般市場、政治和經濟和商業狀況，包括由於 COVID-19 大流行的影響。

These forward-looking statements are subject to 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 SEC. The forward-looking statements in this presentation are based on information available to checkpoint as of the date hereof, and 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.

這些前瞻性陳述受風險和不確定性的影響，包括我們向美國證券交易委員會提交的文件中更全面描述的風險和不確定性，包括我們向美國證券交易委員會提交的 20-F 表格年度報告。本演示文稿中的前瞻性陳述基於截至發布之日 Checkpoint 可獲得的信息，除法律要求外，Check Point 不承擔任何更新任何前瞻性陳述的義務。在發佈在我們網站上的新聞稿中，我們介紹了 GAAP 和非 GAAP 結果，以及此類結果的對賬以及我們提供非 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.

現在我想把電話轉給 Tal Payne 來審查我們的財務業績。

Guys, can you hear me?

伙計們，你能聽到我說話嗎？

Yes.

是的。

Can you see the presentation?

你能看到介紹嗎？

Wonderful.

精彩的。

Wonderful. Okay. Great. Thank you, Kip. Good morning and good afternoon to everyone joining us on the call today. I'm pleased to begin the review of the fourth quarter. Revenues for the quarter, $599 million, which is above the midpoint of our guidance is $17 million, quite nice. Earnings per share reached $2.25 above the top end of our guidance, which was $2.22, $0.03 above the top end of our guidance. Before I proceed further into the numbers, let me 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, non-GAAP information is presented excluding these items.

精彩的。好的。偉大的。謝謝你，基普。早上好，下午好，今天加入我們電話會議的所有人。我很高興開始對第四季度的審查。本季度的收入為 5.99 億美元，高於我們指導的中點 1700 萬美元，相當不錯。每股收益比我們的指導上限高出 2.25 美元，即 2.22 美元，比我們的指導上限高出 0.03 美元。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補償費用、收購的無形資產攤銷和收購相關費用以及相關的稅收影響。請記住，在適用的情況下，非 GAAP 信息不包括這些項目。

Now let's dive more into the numbers, and I will start with the revenues. Revenues for the quarter, as you can see, $599 million, 6% increase year-over-year. On the right side, you can see the billing. Billing grew to [$851] million, 14% growth in our billing, very significant acceleration from the 8% you see in Q4 last year. Deferred revenues is some kind of a mirror of the billing. We can see growth very strongly as well, 15% growth, reaching $1.707 billion. Moving into the drivers. So first, let's talk about products and security subscription continued to accelerate, reaching $371 million and 9% year-over-year. Product increased nicely with Maestro continue to be differentiator and drives wins with customers. We've seen strength in many product categories in SMB all the way to large enterprise this quarter. So that was a nice quarter for the products as well. Subscription revenues in line with our expectations, continue to accelerate, reaching 14% versus last year, we can see 10%. So it's already $204 million a quarter.

現在讓我們更深入地研究這些數字，我將從收入開始。如您所見，本季度的收入為 5.99 億美元，同比增長 6%。在右側，您可以看到賬單。賬單增長到 [8.51 億美元]，我們的賬單增長了 14%，與去年第四季度的 8% 相比有了非常顯著的加速。遞延收入是賬單的某種鏡像。我們也可以看到非常強勁的增長，增長 15%，達到 17.07 億美元。進入驅動程序。首先，讓我們談談產品和安全訂閱繼續加速，達到 3.71 億美元，同比增長 9%。產品與 Maestro 相得益彰，繼續保持差異化優勢並贏得客戶。本季度，我們已經看到從 SMB 到大型企業的許多產品類別的實力。所以這對產品來說也是一個不錯的季度。訂閱收入符合我們的預期，繼續加速，與去年相比達到 14%，我們可以看到 10%。所以它已經是每季度 2.04 億美元。

We were the main drivers are, we can see the double-digit growth in Harmony, very nice growth there. and double-digit growth also in the cloud guide. So the focus on those areas bear fruits already. Moving to revenues by geographies. Revenues by geographies, 49% of the revenues came from EMEA, 40% came from Americas and 11% from Asia Pacific. As you can see, EMEA had a great quarter and led the revenue growth. I know when you calculate, you will see lower results in America and APAC. So I'll just give you a highlight regarding the booking. All 3 regions had a great booking and grow with a strong growth. Great results with new customers and in many countries in those regions. As usual, there's a gap between the revenues and the booking as a result of timing and the timing of the booking, examples of reasons, the delivery of the goods, the consumption of Infinity products, the customer need to pull the product in order for us to recognize revenues. And rendering of the services, of course, is over the period of the service 1 year and so on providing the shares.

我們是主要的驅動力，我們可以看到 Harmony 的兩位數增長，那裡的增長非常好。而兩位數的增長也在雲導。因此，對這些領域的關注已經取得成果。轉向按地域劃分的收入。按地區劃分的收入，49% 的收入來自 EMEA，40% 來自美洲，11% 來自亞太地區。如您所見，歐洲、中東和非洲地區表現出色，引領了收入增長。我知道當你計算時，你會看到美國和亞太地區的結果較低。所以我只會給你一個關於預訂的亮點。所有 3 個地區的預訂量都很大，並且增長強勁。與新客戶以及這些地區的許多國家/地區取得了巨大成果。和往常一樣，由於時間和預訂時間的原因，收入和預訂之間存在差距，原因示例，貨物交付，Infinity產品的消費，客戶需要拉動產品以便訂購我們確認收入。當然，服務的提供是在服務期限為 1 年的情況下提供股份。

Moving on, gross profit remained strong at $524 million. The margin is 88%, very nice, still one of the strongest in the market. We deliver to our customers with higher costs relating to the supply chain constraint. So let's talk a little bit about that. As you know, there's a supply constraint in the market, which affects all of us, many components cost increased, leading to higher cost of the goods sold and slightly lower margin, which is between 1% to 1.5%, depends on the quarter. We believe it's a temporary situation until the supply chain go back to normal, maybe in the second half of next year, I think most of the people think it's going to be resolved towards the end of next year. So just taking that into account as part of the guidance as well for next year.

繼續前進，毛利潤保持強勁，達到 5.24 億美元。利潤率為 88%，非常好，仍然是市場上最強的利潤率之一。我們向客戶交付與供應鏈約束相關的更高成本。所以讓我們談談這個。如您所知，市場存在供應限制，這影響到我們所有人，許多組件成本增加，導致所售商品成本更高，利潤率略低，在 1% 至 1.5% 之間，具體取決於季度。我們認為這是供應鏈恢復正常之前的暫時情況，也許是在明年下半年，我認為大多數人認為這將在明年年底前得到解決。因此，只需將其作為明年指導的一部分考慮在內。

Now our new pillars, CloudGuard and Harmony continue to show great results with double-digit growth. The gross margin on Harmony Connect and Harmony (inaudible) Security is lower than the average on the Quantum. Therefore, it's also part of this reduction. So all in all, very strong results. And taking into account the fact that while there's a lot of constraints, we still meet the target and deliver to our customers. Operating expenses highlights. You can see operating expenses reached $239 million, an 11% growth. Its main 2 drivers as usual.

現在，我們的新支柱 CloudGuard 和 Harmony 繼續以兩位數的增長展示出色的成果。 Harmony Connect 和 Harmony（聽不清）安全的毛利率低於 Quantum 的平均水平。因此，它也是這種減少的一部分。總而言之，結果非常好。考慮到雖然有很多限制，但我們仍然達到了目標並交付給了我們的客戶。營業費用亮點。你可以看到運營費用達到 2.39 億美元，增長了 11%。它的主要 2 個驅動程序像往常一樣。

First, we were very successful towards the end of the year to recruit our plan in the headcount. So we accelerated the growth and reached the 9% that we were aiming for, for the year-over-year growth. Most of it came towards the year-end. So we will see it also as part of the higher run rate that we start next year. And the dollar effect, the dollar weakened against the currency also this quarter, which affected the results, mainly you can see it in the R&D expenses as the Israeli shekel and where the R&D is in Israel. So that's the effect you see here. So resulting in operating expenses increasing in 11%.

首先，我們在年底非常成功地招聘了我們的員工。因此，我們加快了增長速度，並達到了我們的目標，即同比增長 9%。其中大部分是在年底前完成的。因此，我們也將把它視為我們明年開始的更高運行率的一部分。美元效應，本季度美元兌貨幣走弱，這影響了結果，主要是你可以在以色列謝克爾的研發費用和研發在以色列的地方看到它。這就是您在這裡看到的效果。因此導致運營費用增加 11%。

Operating income strong at $285 million. We can see the operating margin, 47%. We plan to be at 47% before, but we reached it only now that this 47%. We start to see also the results already in the bookings. As you can see, net income margin is also very strong at 49%. Financial income in line with the guidance that we provided. I remind you the yield on the cash is lower as a result of lower interest rates, therefore, the $10 million. And the taxes, you see the breakeven at 0% as the statute of mutation lapse on the provision at Q4. Typically, it also left this year in line with our expectation, bringing our tax rate in Q4 to a typical around 0%.

營業收入強勁，達到 2.85 億美元。我們可以看到營業利潤率為 47%。我們之前計劃是47%，現在才達到這個47%。我們也開始在預訂中看到結果。如您所見，淨利潤率也非常高，達到 49%。財務收入符合我們提供的指導。我提醒您，由於利率較低，現金收益率較低，因此，1000 萬美元。和稅收，你看到盈虧平衡為 0%，因為突變法規在第四季度的規定失效。通常，它今年也符合我們的預期，使我們在第四季度的稅率達到典型的 0% 左右。

GAAP net income was $260 million, which is $1.98 per diluted share. Cash flow and cash position. Our cash is at $3.8 billion, very strong. $294 million, our operating cash flow. It represents an increase of 1%. It includes the hedge effect, the balance sheet hedge income of $4 million. Last year, since the dollar weakened even more, we made the $26 million income in the cash flow. It closed -- if we exclude the hedge effect, which happens every quarter, the operating cash flow was super strong at 9% growth year-over-year. So that's quite significant. During the quarter, we continued our buyback, $325 million were used to buy shares, 2.8 million shares for an average price of $116.

GAAP 淨收入為 2.6 億美元，每股攤薄收益為 1.98 美元。現金流量和現金頭寸。我們的現金為 38 億美元，非常強勁。 2.94 億美元，我們的經營現金流。它代表了 1% 的增長。它包括對沖效應，400 萬美元的資產負債表對沖收入。去年，由於美元進一步貶值，我們在現金流中獲得了 2600 萬美元的收入。它關閉了——如果我們排除每個季度發生的對沖效應，運營現金流非常強勁，同比增長 9%。所以這很重要。本季度，我們繼續回購，3.25 億美元用於購買股票，280 萬股，平均價格為 116 美元。

So moving to the full year. We're very pleased with the result of 2001. This just shows our results versus the original guidance from the beginning of the year. So we can see the revenues for the year reached $2,167 million an increase of 5% year-over-year, $37 million above the midpoint of our guidance. Looking at our non-GAAP EPS was $7.02, again, above the high end of our guidance, which was $6.85, $0.17 actually at above the top of our guidance. A few more details. If we calculate the billings for the full year, we see also a double digit for the full year, 11%, which is almost $2.4 billion and deferred revenues, we discussed already quite strong at 15% at the year-end.

所以搬到全年。我們對 2001 年的結果感到非常滿意。這只是顯示我們的結果與年初的原始指導。因此，我們可以看到今年的收入達到 21.67 億美元，同比增長 5%，比我們指導的中點高出 3700 萬美元。查看我們的非 GAAP 每股收益 7.02 美元，再次高於我們指導的上限，即 6.85 美元，實際上高於我們指導的上限 0.17 美元。更多細節。如果我們計算全年的賬單，我們也會看到全年的兩位數，即 11%，接近 24 億美元和遞延收入，我們在年底討論的已經相當強勁，達到 15%。

When we look at the full year and what caused this success, our focus on Infinity strategy and the 3 pillars, the Quantum, the CloudGuard, the Harmony showed great success. Subscription revenues led the growth with 13% growth year-over-year versus last year, that was 10% growth, reaching $755 million, already around 35% of our revenues are coming from the subscription. The growth driven mainly by the success of the CloudGuard and Harmony, both again, double digit also for the full year. Infinity revenues, which include 2 or 3 pillars that we sell to customers had a great year with a triple-digit growth, which also fuels that growth.

當我們回顧全年以及是什麼導致了這一成功時，我們對 Infinity 戰略和三大支柱 Quantum、CloudGuard、Harmony 的關注顯示出巨大的成功。訂閱收入以 13% 的同比增長引領增長，與去年相比增長了 10%，達到 7.55 億美元，已經有大約 35% 的收入來自訂閱。增長主要由 CloudGuard 和 Harmony 的成功推動，全年也是兩位數。 Infinity 的收入，包括我們向客戶銷售的 2 或 3 個支柱，今年表現出色，實現了三位數的增長，這也推動了這種增長。

Looking at the full P&L, just a few highlights. I don't want to repeat everything, but just a few highlights. Gross margin, strong at 88.7%. Operating expenses increased by 7%. Bear in mind that the majority of the increase in the income came towards the end of the year. So the effect on the P&L was at a lower rate, but expect to come more towards next year -- well, in the beginning of next year. The effects on the margin next year just from that item is probably around 1%. The weakening of the dollar had $20 million effect on the full year. So those results are quite impressive when you take into account that we got a hit of $20 million just from the currency effect. During Q4, the dollar continued to weaken against the shekel, reaching around 3.1%, which means that we predict also next year. a negative -- next year, a negative effect on our operating margin. Nothing to be concerned about, it always fluctuates, but it's part of the guidance, of course, and that's about 1% effect on our operating margin.

查看完整的損益表，只有幾個亮點。我不想重複所有內容，只想強調幾個要點。毛利率強勁，達到 88.7%。營業費用增加了 7%。請記住，收入的大部分增長是在年底前發生的。因此，對損益表的影響較低，但預計明年會更多——好吧，在明年年初。僅該項目對明年利潤率的影響可能約為 1%。美元貶值對全年產生了 2000 萬美元的影響。所以當你考慮到我們僅從貨幣效應中獲得了 2000 萬美元的打擊時，這些結果就非常令人印象深刻。第四季度，美元兌謝克爾繼續走弱，達到 3.1% 左右，這意味著我們預計明年也是如此。負面 - 明年，對我們的營業利潤率產生負面影響。沒什麼好擔心的，它總是在波動，但它當然是指導的一部分，這對我們的營業利潤率有大約 1% 的影響。

Still very strong operating margin with 48% non-GAAP operating margin. Looking at the financial income here, you see the drop again, completely in line with what we expected. Lower interest rate, the portfolio opens and invested in lower interest rate than the 2.5% that we used to have historically. So we see the lower interest rates. Tax expenses ended around 14% as a result of the index, which was higher than everybody expected for this year. Looking into next year, the guidance remains the same, meaning for the financial income, we expect it to drop maybe $1 million, $2 million for the next quarter or 2 and that's it. We expect it to stabilize on those levels, around $7 million to $8 million a quarter. Tax is expected to be 17% Q1, Q2, Q3, as we predicted for this year and around 0 in Q4 for the same reason, assuming there will be no surprises, the stature mutation laps in Q4 and will bring us to the 0%. Average for the year, somewhere between 12% to 13%. Of course, it can be 1% more or less.

營業利潤率仍然非常強勁，非 GAAP 營業利潤率為 48%。看這裡的財務收入，你又看到下降了，完全符合我們的預期。較低的利率，投資組合打開並以低於我們過去的 2.5% 的利率進行投資。所以我們看到較低的利率。由於該指數，稅收支出最終下降了 14% 左右，高於所有人對今年的預期。展望明年，指導方針保持不變，這意味著財務收入，我們預計下一季度或第二季度可能下降 100 萬美元、200 萬美元，僅此而已。我們預計它會穩定在這些水平上，每季度約 700 萬至 800 萬美元。今年第一季度、第二季度、第三季度的稅收預計為 17%，正如我們今年預測的那樣，出於同樣的原因，第四季度的稅收約為 0，假設沒有意外，第四季度的身高突變將把我們帶到 0% .年平均水平，介於 12% 到 13% 之間。當然，可以多也可以少1%。

We closed the year with a net income, a GAAP net income of $860 million, which is $6.08 per diluted share, and non-GAAP net income for the year is strong at $942 million, $7.02. We talked about how it is versus the range, 4% growth and $0.17 above the high end of our guidance. When we look at the operating cash flow for the full year, again, very strong cash flow. Operating cash flow was $1 billion, almost $1.2 billion very much in line with the operating profit. So it's nice to see the link that we have between our cash flow and our P&L, very untypical. But for us, it continues. So that's nice to see very strong collection, healthy DSO, excluding the effect of the hedge and the acquisition-related costs, there is good 6%, so that's very strong.

我們以淨收入結束了這一年，GAAP 淨收入為 8.6 億美元，攤薄後每股收益為 6.08 美元，非 GAAP 淨收入為 9.42 億美元，為 7.02 美元。我們討論了它與範圍、4% 的增長和比我們指導的高端高出 0.17 美元的情況。當我們再次查看全年的經營現金流時，現金流非常強勁。營業現金流為 10 億美元，接近 12 億美元，與營業利潤非常吻合。因此，很高興看到我們的現金流量與損益之間存在聯繫，這種聯繫非常不典型。但對我們來說，它還在繼續。所以很高興看到非常強大的收藏，健康的 DSO，不包括對沖和收購相關成本的影響，有 6%，所以非常強大。

We purchased about 11 million shares for the full year for $1.3 billion, average price of $109. I'm just reminding you in the last quarter, we announced the expansion of the buyback program in the amount of the $2 billion additional $2 billion, again, up to $325 million. For 2022 next year, we expect the average diluted share to be somewhere around 127 million shares starting in 129 million and going down by the year-end to somewhere around 125 million, 126 million. So that's also the forecast for the number of shares.

我們全年以 13 億美元的價格購買了約 1100 萬股股票，平均價格為 109 美元。我只是在上個季度提醒你，我們宣布將回購計劃擴大到 20 億美元，再增加 20 億美元，再次達到 3.25 億美元。對於明年的 2022 年，我們預計平均攤薄後的份額將從 1.29 億股開始約為 1.27 億股，到年底將下降至約 1.25 億、1.26 億股。所以這也是對股票數量的預測。

Moving to the summary. Strong, strong year change in the trajectory, which is nice to see revenues in the top part of the guidance. EPS exceeded the guidance, strong billing growth across all the focus areas, how many double digits, cloud are double digit, new customers, growing nicely and continue to have strong profitability. So very pleased with that. And with that I will turn the call over to Gil for his business highlights and insight. Thank you.

轉到摘要。軌蹟的強勁、強勁的年度變化，很高興看到收入處於指導的頂部。 EPS 超出了指導，所有重點領域的賬單增長強勁，兩位數，雲是兩位數，新客戶增長良好，並繼續保持強勁的盈利能力。對此非常滿意。有了這個，我將把電話轉給吉爾，了解他的業務亮點和洞察力。謝謝。

Thank you very much, Tal, and I'm very pleased to see everyone here and share, especially as we had this amazing quarter. I really, really mean that this was a very, very unusual quarter, probably our strongest quarter ever, and I'm not just speaking about the external financial results but about the internal measures that we see internally. Now every quarter, I usually speak about the last quarter achievement. This presentation, I'm actually going to dedicate primarily to speak about our strategy getting into 2022. We're entering, I mean, on the foothills of this amazing quarter that showed real business growth, real business turnaround in all 3 pillars, by the way, the Cloud, in the Harmony and even some very, very good metrics of our core business, the Quantum Network Security business that's probably contributed a lot of growth last quarter. All the regions, EMEA, APAC and the Americas showed very good internal metrics.

Tal，非常感謝你，我很高興看到大家在這里分享，尤其是當我們度過了這個令人驚嘆的季度。我真的，真的是說這是一個非常非常不尋常的季度，可能是我們有史以來最強勁的一個季度，我不僅在談論外部財務結果，而且在談論我們在內部看到的內部措施。現在每個季度，我通常會講上一季度的成績。在本次演講中，我實際上主要致力於談論我們進入 2022 年的戰略。我的意思是，我們正在進入這個令人驚嘆的季度的山腳下，該季度顯示了所有 3 個支柱的真正業務增長和真正的業務轉變，通過方式，雲，和諧，甚至是我們核心業務的一些非常非常好的指標，量子網絡安全業務可能在上個季度貢獻了很多增長。所有地區、歐洲、中東和非洲、亞太地區和美洲都顯示出非常好的內部指標。

So on top of that, we're entering a new year with a renewed strategy, a lot of energy, a lot of investment. And what I wanted to do here is share with you the key initiatives with which we start 2022. So I mean that's where we start. I picked here 4 of our major initiatives, and there will be more. The #1 objective, of course, is continue with accelerating our growth. We start that and the next 20 slides will go into each of these 4 initiatives with a new message, new logo, new branding that I'll speak about in a second. We are continuing with a lot of innovation. And I think we're starting the year with new products and leapfrogging the industry with unprecedented price performance. We're going to create a new structure that we call the checkpoint rocket, and I'm going to share and speak about that.

因此，最重要的是，我們將以新的戰略、大量的精力和大量的投資進入新的一年。我想在這裡做的是與大家分享我們在 2022 年開始時採取的關鍵舉措。所以我的意思是這就是我們的起點。我在這裡挑選了 4 個我們的主要舉措，還會有更多。當然，第一大目標是繼續加速我們的發展。我們從頭開始，接下來的 20 張幻燈片將介紹這 4 個計劃中的每一個，其中包含新信息、新徽標和新品牌，我稍後會談到這些。我們正在繼續進行大量創新。而且我認為我們將以新產品開始新的一年，並以前所未有的性價比超越行業。我們將創建一個我們稱之為檢查站火箭的新結構，我將分享並談論它。

Last but not least, growing, continuing and growing our investment in our frontline sales force. Our internal goal, which I hope we'll be able to make is grow the frontline salespeople by 25%, supporting more customers, reaching more customers and, of course, delivering growth this year. And mainly, actually, this investment will translate into results, hopefully, by the end of 2022 and in 2023.

最後但同樣重要的是，增加、繼續和增加我們對一線銷售隊伍的投資。我希望我們能夠實現的內部目標是將一線銷售人員增加 25%，支持更多客戶，接觸更多客戶，當然，今年實現增長。實際上，主要是，這項投資有望在 2022 年底和 2023 年之前轉化為成果。

So let me start with the first message or the first initiative here. Our new positioning, our new branding, Best Security. Now Best Security, by the way, has always been the checkpoint differentiator. I think that's our reputation. That's what we do to what we do for 29 years, delivering the best security. And one of the things that's very, very important is to show that message and to explain it to everyone, understanding why it's so important. So you see here, we started the year with a fresh new look, our new logo and a new message that says You Deserve the Best Security, first time in 29 years that we changed the logo. And I think so far it's being accepted with a lot of enthusiasm showing all the new energy.

那麼讓我從這裡的第一條消息或第一個倡議開始。我們的新定位，我們的新品牌，Best Security。順便說一句，現在 Best Security 一直是檢查站的區別因素。我認為這是我們的聲譽。這就是我們 29 年來所做的，提供最好的安全性。其中一件非常非常重要的事情就是向每個人展示這個信息並解釋它，理解它為什麼如此重要。所以你在這裡看到，我們以全新的面貌、我們的新徽標和一條新信息開始了這一年，上面寫著您應得的最佳安全性，這是我們 29 年來第一次更改徽標。我認為到目前為止，人們對它表現出的所有新活力都充滿熱情。

But the most important message is understanding why is that so important? And I think we know that I don't need to go too much into that, how much we're dependent on the Internet, how much we're dependent on cyber space, and we need to keep it secure. And I think the latest attacks that we've seen on rent somewhere, the log for vulnerability all showed us how important it is. But when it comes to cyber security, you can't get good enough. You can't get second best. That will get you breached. And when you drive a car, you can say I want to pick brand A, brand B, brand C, each 1 has it's qualities, different prices, different positioning. At the end of the day, all 3 cars will get you to your destination, roughly at the same time, roughly at the same shape.

但最重要的信息是理解為什麼它如此重要？而且我想我們都知道我不需要過多地討論這個問題，我們對互聯網的依賴程度，我們對網絡空間的依賴程度，我們需要確保它的安全。而且我認為我們在某個地方看到的最新攻擊，漏洞日誌都向我們展示了它的重要性。但在網絡安全方面，你做得不夠好。你不能得到第二好的。那會讓你被破壞。當你開車的時候，你可以說我要選擇品牌 A、品牌 B、品牌 C，每一個都有它的品質、不同的價格、不同的定位。一天結束時，所有 3 輛車都會讓您到達目的地，大致在同一時間，大致相同的形狀。

In cyber security, that's not the case. If you pick second best security you will get breached. If there's 1 small thing that's open or like almost our entire industry does letting 0-day infected file come through. If you let these files come through, that's where you'll get the ransomware. And with Check Point, that's the small difference, which is actually huge, you won't get breached because we won't let these files through. And there's many, many examples of how we deliver this best security. We believe that was only 1 vendor that delivers the best security to protect against all these fifth generation cyber-attacks and that's us, the Check Point. Again, I can take now 2 hours and by the way, can register to our Check Point experience, CPX360 conference that just ended today, watch the presentation and understand better why. But I will try to summarize some of the differences even in 1 slide. It's all based on our Infinity architecture.

在網絡安全領域，情況並非如此。如果您選擇第二好的安全措施，您就會遭到破壞。如果有 1 個小東西是開放的，或者幾乎我們整個行業都會讓 0-day 感染文件通過。如果你讓這些文件通過，你就會從那裡獲得勒索軟件。對於 Check Point，這只是微小的差異，實際上是巨大的差異，您不會被破壞，因為我們不會讓這些文件通過。還有很多很多例子說明我們如何提供這種最佳安全性。我們相信只有一家供應商能夠提供最好的安全性來抵御所有這些第五代網絡攻擊，那就是我們，Check Point。同樣，我現在可以花 2 個小時，順便說一句，可以註冊我們的 Check Point 體驗，即今天剛剛結束的 CPX360 會議，觀看演示並更好地理解原因。但我會嘗試在一張幻燈片中總結一些差異。這一切都基於我們的 Infinity 架構。

Now I think you've seen this slide before, the Quantum, CloudGuard and Harmony network cloud user and access all based on the same platform, all working together, translating each information piece about the vulnerability to an immediate protection and all the different pillars -- and when you see what it means, that's where you see the security coverage that we provide in Check Point. So if you look at the different attack vectors, mobile devices, network attacks, e-mail, the #1 vector in which malware gets in, web servers also, I mean can't underestimate very important endpoint devices, the cloud. And I picked here some of the best players in the marketplace, some of them are our direct competitors, some of them are not our direct competitors.

現在我想你以前看過這張幻燈片，Quantum、CloudGuard 和 Harmony 網絡雲用戶和訪問都基於同一平台，所有這些一起工作，將有關漏洞的每個信息片段轉化為即時保護和所有不同的支柱 - - 當您了解它的含義時，您就會看到我們在 Check Point 中提供的安全範圍。所以如果你看看不同的攻擊媒介，移動設備，網絡攻擊，電子郵件，惡意軟件進入的第一媒介，還有網絡服務器，我的意思是不能低估非常重要的端點設備，雲。我在這裡挑選了市場上一些最好的參與者，其中一些是我們的直接競爭對手，一些不是我們的直接競爭對手。

But you can see that no 1 comes even close to give you the full coverage and the full spectrum of prevention and protection against all these types of attacks. And now let's see at the Check Point, Infinity and you can see full coverage to mobile, full to network attacks, including 0 day for unknown and prevention for unknown corporate e-mail web servers, endpoint devices where we score amazing results and amazing scores on every renew and every test and cloud, which we just expanded. Only Check Point Infinity can actually deliver that, and that makes the whole difference between being penetrated or preventing the attacks. And I think that's the message that we want to convey. We want to get our customers secure. We feel that each 1 of your organization and each customer deserves the best security, and we are here to deliver that.

但您可以看到，沒有 1 更接近於為您提供針對所有這些類型的攻擊的全面覆蓋和全方位的預防和保護。現在讓我們看看 Check Point，Infinity，您可以看到對移動的全面覆蓋，對網絡攻擊的全面覆蓋，包括針對未知的 0 天攻擊和針對未知企業電子郵件 Web 服務器、端點設備的預防，我們在這些地方取得了驚人的結果和驚人的分數在我們剛剛擴展的每一次更新、每一次測試和雲上。只有 Check Point Infinity 才能真正做到這一點，這使得被滲透或阻止攻擊之間的完全不同。我認為這就是我們想要傳達的信息。我們希望確保我們的客戶安全。我們認為您組織中的每個人和每個客戶都應該得到最好的安全保護，而我們就是為了實現這一目標。

I think you can see that in this expansion, if a few years ago, we were known to be the network security company, and we were scoring now for 22 years in the Gartner market quadrant for firewall in the leaders quadrant. This 1 is actually a different vendor, G2, which captures audience, customers' feedback, real feedback about product. And you see we're not just scoring now in the network security or in the firewall sector, we are scoring in 9 categories. We are leading in 9 categories, all coming -- and you see, by the way, in many of these categories, there is more than 1 Check Point technology in the leaders quadrant. We are capturing and we are leading in the entire Infinity architecture framework securing the entire enterprise and I think that's a huge difference.

我想你可以看到，在這次擴張中，如果幾年前，我們是眾所周知的網絡安全公司，我們現在在領導者象限的 Gartner 防火牆市場象限中得分 22 年。這個 1 實際上是一個不同的供應商，G2，它捕獲觀眾、客戶的反饋、關於產品的真實反饋。你看，我們現在不僅在網絡安全或防火牆領域得分，我們還在 9 個類別中得分。我們在 9 個類別中處於領先地位，所有類別都處於領先地位——順便說一下，在許多此類類別中，領導者象限中有不止 1 個 Check Point 技術。我們正在捕獲並在保護整個企業的整個 Infinity 架構框架中處於領先地位，我認為這是一個巨大的差異。

Customers love Check Point and our leadership now extended into all these areas, cloud, endpoint, mobile, management, intrusion prevention, remote access, firewalling, everything. And I think we use that and we continue to use that to drive innovation. Now of course, if I would give you our road map, that will be another 2 hours. But I want to point here 1 important product that we just launched at the beginning of 2022 that can change the dynamics of our industry. I think it's 1 of the most important, if not the most important network security product launched in the last decade. And let me talk a little bit about that.

客戶喜歡 Check Point，我們的領導地位現在擴展到所有這些領域，雲、端點、移動、管理、入侵防禦、遠程訪問、防火牆，一切。而且我認為我們使用它並且我們繼續使用它來推動創新。當然，如果我給你我們的路線圖，那還需要 2 個小時。但我想在這裡指出我們在 2022 年初剛剛推出的一款重要產品，它可以改變我們行業的動態。我認為它是過去十年推出的最重要的網絡安全產品之一，如果不是最重要的話。讓我談談這一點。

We call it Quantum LightSpeed. Focusing on the data center, focusing on where data moves very, very fast where people need super fast, low latency data security. And here, we are going to introduce the world's fastest data center firewall 20x better, 20x better in security price performance than before and much better than the competition. So if you try to see where the markets were until now, again, the car analogy, and you can see 3, the leading vendors here, and you can see the differences. With Palo Alto, you would get for roughly $200,000, 58 gigabits per second. Check Point before, much better 78 gigabits per second at almost $140,000.

我們稱之為量子光速。專注於數據中心，專注於數據移動非常非常快的地方，人們需要超快、低延遲的數據安全。在這裡，我們將介紹世界上最快的數據中心防火牆，性能比以前好 20 倍，安全性價比比以前高 20 倍，比競爭對手好得多。因此，如果您嘗試查看到目前為止的市場情況，再次以汽車類比，您可以看到 3，這裡是領先的供應商，您可以看到差異。在 Palo Alto，你可以獲得大約 200,000 美元，每秒 58 GB。之前的 Check Point，每秒 78 吉比特要好得多，價格將近 140,000 美元。

And you can see how Fortinet gives almost 3x better performance, almost 200 gigabits at $40,000, huge difference. And I think that's what Fortinet built itself on this huge gap in price performance that they can deliver. And we are going to change that and change the dynamics in our marketplace and say that you don't need to compromise with the new Quantum LightSpeed. And that's where LightSpeed would come in 250 gigabits, $45,000 That's, by the way, the low-end model. That's not the highest end here, 20% better than Fortinet, 20x better than Palo Alto, that's unbelievable. That's a lot of work done by our development team and for the first time, utilizing ASICs in our core products to accelerate this firewalling performance.

您可以看到 Fortinet 如何以 40,000 美元的價格提供近 3 倍的性能，接近 200 GB，差異巨大。我認為這就是 Fortinet 建立在他們可以提供的巨大性價比差距之上的東西。我們將改變這一點，改變我們市場的動態，並表示您不需要與新的 Quantum LightSpeed 妥協。這就是 LightSpeed 的 250 GB 容量，45,000 美元 順便說一下，這是低端型號。這不是這裡的最高端，比 Fortinet 好 20%，比 Palo Alto 好 20 倍，這令人難以置信。這是我們開發團隊所做的大量工作，也是第一次在我們的核心產品中使用 ASIC 來加速這種防火牆性能。

First time for Check Point with partners with NVIDIA the world's most successful ASIC providers these days to deliver these super high performance and our product line for Quantum LightSpeed. It's 4 models from 250 gigabits to 800 gigabits, hyper fast throughput, ultra-low latency, less than 3 microseconds. It's 10x faster before it was 30 microseconds. And scalability with Maestro off to 3 terabits per second. No 1 in the industry actually can deliver that kind of scalability and that kind of price performance.

Check Point 首次與當今世界上最成功的 ASIC 供應商 NVIDIA 合作，提供這些超高性能和我們的 Quantum LightSpeed 產品線。它有 4 個型號，從 250 吉比特到 800 吉比特，超快速吞吐量，超低延遲，小於 3 微秒。它在 30 微秒之前快了 10 倍。 Maestro 的可擴展性達到每秒 3 太比特。實際上，業內第一可以提供這種可擴展性和性價比。

So we are very, very proud of that. We think that can change the dynamics, at least in the data center part of the network security industry. So that's, I think, a very good place to start the year with. And then we move to my next initiative to our next initiative, and we call it Rockets. So what are Rockets? Rockets are -- will be kind of new types of internal organization what we want to drive and invest in places that are strategic, what we feel that there is a high potential for growth. So we want to focus with agility and growth. We want to align all the resources. If in the past, Check Point was a very unified company, everything is together. One R&D, 1 sales organization, 1 marketing.

所以我們為此感到非常非常自豪。我們認為這可以改變動態，至少在網絡安全行業的數據中心部分。所以，我認為，這是開始新一年的好地方。然後我們轉向我的下一個倡議到我們的下一個倡議，我們稱之為火箭隊。那麼什麼是火箭隊？火箭是 - 將是一種新型的內部組織，我們希望在具有戰略意義的地方推動和投資，我們認為有很高的增長潛力。因此，我們希望專注於敏捷性和增長。我們要整合所有資源。如果說以前Check Point是一個非常統一的公司，什麼都在一起。 1個研發，1個銷售機構，1個營銷。

We want to create new structures that will reside within that, that have the ability to move very fast, developers tied with marketing, tied with sales to drive growth in all these areas and to be able to invest much more and much faster in key areas. It's not the entire business is moving to this direction. We are trying a new model here. And we start with 3 areas: cloud, which is a big area for us, hundreds of people, Harmony E-mail, that's an emerging market, a very important 1 based on the acquisition that we did recently. And the new 1 that I won't spend too much time here, maybe next time, MDR/MPR managed detection and response or the way I would like to call it, manage prevention. And this is kind of automatically managing the customer assets. So we detect things that needs that are not working and immediately prevent the attacks. I think we can create here a new industry or take on a new industry that we haven't been playing in before.

我們希望創建新的結構，將駐留在其中，能夠非常快速地移動，開發人員與營銷聯繫在一起，與銷售聯繫在一起，以推動所有這些領域的增長，並能夠在關鍵領域進行更多更快的投資.並不是整個業務都在朝著這個方向發展。我們正在嘗試一種新的模式。我們從 3 個領域開始：雲，這對我們來說是一個很大的領域，數百人，和諧電子郵件，這是一個新興市場，基於我們最近進行的收購，這是一個非常重要的 1。我不會在這里花太多時間的新 1，也許下一次，MDR/MPR 管理檢測和響應，或者我想稱之為管理預防的方式。這是一種自動管理客戶資產的方式。因此，我們檢測到無法正常工作的需求並立即阻止攻擊。我認為我們可以在這裡創建一個新行業，或者承接一個我們以前沒有涉足過的新行業。

This is a small startup, which starts from a few people and no revenues. Again, the Harmony E-mail is tens of millions of dollars and the CloudGuard is over $100 million. So each 1 trying a different model in different ways to try this new model. Let me focus a little bit on the CloudGuard Rocket. I think we're very proud of what CloudGuard delivered today. Our preemptive prevention was the only 1 that handled Log4J before it was known. I mean, once we've seen attack on Log4J, without a signature, without the attack being known, our AI technology blocked it. And that's based on new CloudGuard technology, CloudGuard uptake introduced around a year ago, exactly the right time, exactly the right place, the technology that protects APIs and web servers really blocked Log4J before it was even known.

這是一家小型初創公司，從幾個人開始，沒有收入。同樣，Harmony E-mail 價值數千萬美元，CloudGuard 價值超過 1 億美元。所以每個 1 以不同的方式嘗試不同的模型來嘗試這個新模型。讓我稍微關註一下 CloudGuard Rocket。我認為我們對 CloudGuard 今天交付的產品感到非常自豪。我們的先發製人的預防是唯一一個在 Log4J 為人所知之前就對其進行處理的方法。我的意思是，一旦我們看到對 Log4J 的攻擊，沒有簽名，攻擊不為人所知，我們的 AI 技術就會阻止它。這是基於新的 CloudGuard 技術，大約一年前引入 CloudGuard，恰逢其時，恰到好處，保護 API 和 Web 服務器的技術在 Log4J 為人所知之前就真正阻止了它。

And this is 1 example about how our CloudGuard Rocket is being able to address so many areas. You can see the list of them workloads, posture management, the uptake, the network in the cloud, a lot of threat intelligence, and we continue to expand that. We continue that with the fifth acquisition in recent years, and that's expanding our cloud presence to what we call code security or developers first security.

這是關於我們的 CloudGuard Rocket 如何能夠解決如此多領域問題的 1 個示例。你可以看到其中的工作負載列表、狀態管理、吸收、雲中的網絡、大量威脅情報，我們將繼續擴展它。我們在最近幾年進行了第五次收購，將我們的雲業務擴展到我們所說的代碼安全或開發人員至上的安全。

That's a new area that puts inside the new type of customers for us, developers, by developers and I think it has a lot to do with the challenges that coding the cloud has. Now we found this company, Spectral. It's a small startup. We're really excelling love in the platform and the technology and we felt it had wide range of use cases that we can go into because it's such a good technology to analyze the cloud code scan the infrastructure called look at code tempering prevention and maybe the first application, which we call secret prevention, something we may understand even us that are less developers these days. For example, if you leave the kids to your application or to your safe box on your desk at the office, the chances of somebody taking advantage of this are very slim, to mistake, it's not solve the key written on the -- on your desk or the physical key on your desk.

這是一個新領域，它為我們、開發人員、開發人員帶來了新型客戶，我認為這與雲編碼所面臨的挑戰有很大關係。現在我們找到了這家公司，Spectral。這是一家小型初創公司。我們真的非常喜歡這個平台和技術，我們覺得它有廣泛的用例，我們可以進入，因為它是一個很好的技術來分析雲代碼掃描稱為查看代碼回火預防的基礎設施，也許第一個應用程序，我們稱之為秘密預防，即使是現在開發人員較少的我們也可能理解。例如，如果您將孩子留在您的應用程序或辦公室辦公桌上的保險箱中，那麼有人利用它的機會非常小，錯誤的是，它不能解決寫在您的 - 上的密鑰辦公桌或辦公桌上的實體鑰匙。

But again, the office is isolated and protected in many layers, so nothing will happen. In the cloud, it's completely the opposite. A developer put a secret key that enables access to the other applications inside the source code, that source code is being shared on public repositories. And within minutes, there will be a bot that will scan the network, we'll find the key and will take over our servers. And we see it, again, a lot in the cloud. We know how to detect that. We know how to block it. And the developers that will use it can install that in a few minutes, and within seconds, get very accurate results and block that.

但同樣，辦公室被隔離並受到多層保護，因此不會發生任何事情。在雲中，情況完全相反。開發人員在源代碼中放置了一個密鑰，可以訪問其他應用程序，該源代碼在公共存儲庫中共享。幾分鐘之內，就會有一個機器人掃描網絡，我們會找到密鑰並接管我們的服務器。我們再次在雲中看到了很多。我們知道如何檢測它。我們知道如何阻止它。將使用它的開發人員可以在幾分鐘內安裝它，並在幾秒鐘內獲得非常準確的結果並阻止它。

We are also getting into that with a nice open source community. There's over 30,000 downloads of the spectral open source version of the product -- and I think this is great because it lets us play into a new audience, not only the CSOs and the security administrators will support us, but we can get to the developers from the time they start developing the codes. So we are very happy with this acquisition that we just announced and completed this week.

我們也正在通過一個不錯的開源社區進入這一領域。該產品的光譜開源版本的下載量超過 30,000 次——我認為這很棒，因為它讓我們能夠吸引新的觀眾，不僅 CSO 和安全管理員會支持我們，而且我們可以接觸到開發人員從他們開始開發代碼的那一刻起。因此，我們對本周剛剛宣布並完成的此次收購感到非常高興。

So to summarize, and again, there's many much more that I can speak of because we do so much more in all the aspects of the business. We're entering 2022 with a lot of energy based on our accelerated results from Q4. 14% billing growth, which is a great number. And again, I wouldn't share it, I mean the billing you can calculate and you do calculate on your own but I think this time, it's really an indicator to a lot of the internal things that we see in the company, which a lot of the internal indicators, strong financial double-digit billing growth, we're accelerating our innovation and 2 examples that I just talked about, LightSpeed and cloud code security, and we are going to accelerate our investment. It would be very easy to say, this is our growth rate. We will keep doing that. We will keep monitoring resources and delivering and get our profit margin to go to the sky. We have the highest profit margin in the industry.

所以總而言之，我可以說的還有很多，因為我們在業務的各個方面都做得更多。基於第四季度的加速結果，我們將充滿活力地進入 2022 年。 14% 的賬單增長，這是一個很大的數字。再一次，我不會分享它，我的意思是你可以計算的賬單，你自己計算，但我認為這一次，它確實是我們在公司看到的很多內部事物的指標，這是一個許多內部指標，強勁的兩位數財務賬單增長，我們正在加速創新和我剛才談到的 2 個例子，LightSpeed 和雲代碼安全，我們將加速我們的投資。很容易說，這是我們的增長率。我們會繼續這樣做。我們將繼續監控資源和交付，讓我們的利潤率飛上天空。我們擁有業內最高的利潤率。

And we decided to actually take the money that we make and invest all the access 1 and make the right investment in growing further and changing the mode of operation into high growth. So we are going to expand the sales force. I mentioned that 25% is our internal goal, create the Rocket when we can make very focused investment in the growth areas. And I think -- we really think that our business can grow faster. It's not going to be easy. It will take time for all the initiatives to show the results, but we are more optimistic whenever about what we think we can deliver here.

我們決定實際利用我們賺到的錢並投資所有渠道 1 並進行正確的投資以進一步增長並將運營模式轉變為高增長。所以我們要擴大銷售隊伍。我提到 25% 是我們的內部目標，當我們可以在增長領域進行非常集中的投資時創建火箭。而且我認為 - 我們真的認為我們的業務可以增長得更快。這並不容易。所有舉措都需要時間來顯示結果，但無論何時我們認為我們可以在這裡提供什麼，我們都會更加樂觀。

So before I open the call to your question, that's the time for a projection. I think I already stated some of the assumptions that we have in the projections, we feel that our billing can keep growing, growing in a nice rate. Our internal projections are definitely for our internal goals are definitely for double-digit growth. Not all of that will translate immediately into revenues, partly because we are growing the subscription part of our business and the deferred revenues partly because there's risks associated with the supply chain and others that may slow us down on some things, even the introduction of Quantum LightSpeed, which is great because it can enable us to capture new markets and new market share, has some risks in it. Let's not forget that. Because when we are bringing to the market 10x to 20x better price performance, there can also be price cannibalization that can hit us right away. But again, that's the right thing to do, to capture the market and to win in this segment.

因此，在我開始回答您的問題之前，是時候進行預測了。我想我已經陳述了我們在預測中的一些假設，我們認為我們的賬單可以繼續增長，並以不錯的速度增長。我們的內部預測絕對是因為我們的內部目標絕對是兩位數的增長。並非所有這些都會立即轉化為收入，部分原因是我們正在增加業務的訂閱部分和遞延收入，部分原因是存在與供應鏈相關的風險和其他可能使我們在某些事情上放慢速度的風險，甚至是 Quantum 的引入LightSpeed 很棒，因為它可以讓我們佔領新市場和新市場份額，但也存在一些風險。讓我們不要忘記這一點。因為當我們向市場推出 10 到 20 倍更好的性價比時，也可能會出現價格蠶食，這會立即打擊我們。但同樣，這是正確的做法，可以佔領市場並贏得這一細分市場。

So we will be a little bit more -- I mean, the translation of the billings to booking may be a little bit more conservative but we feel that we can drive very nice growth in revenues as well, much faster than we projected in the past, of course. And we will invest a lot in the business. So if we start with that, let's look at the projection for the full year. For the full year, we actually have here quite a wide range. And again, based on everything I just said, plus the uncertainty about the economy that we are seeing every day. So between $2.2 billion to $2,375 million, that's the range for the revenue. If you translate that, that's a 6% growth target at the midpoint and 10% growth at the high end.

所以我們會多一點——我的意思是，將賬單轉化為預訂可能會更保守一些，但我們認為我們也可以推動收入的非常可觀的增長，比我們過去預計的要快得多， 當然。我們將在業務上投入大量資金。因此，如果我們以此為起點，讓我們看看全年的預測。對於全年，我們實際上有相當廣泛的範圍。再一次，基於我剛才所說的一切，加上我們每天都看到的經濟不確定性。所以在 22 億美元到 23.75 億美元之間，這是收入的範圍。如果你翻譯一下，那就是中點 6% 的增長目標和高端 10% 的增長目標。

I mean, as you know, my regular caveat, projecting in the future is very challenging. There's always a high level of uncertainty. Again, there is the potential of better results or even worse results in our projections. I hope it to the better part, but you can never know. Non-GAAP EPS is expected to be between the range of $6.90 to $7.50 and GAAP EPS is expected to be approximately $1.22 less than that. That's for the full year.

我的意思是，如你所知，我經常警告說，預測未來非常具有挑戰性。始終存在高度的不確定性。同樣，我們的預測可能會出現更好或更差的結果。我希望它更好，但你永遠不會知道。非 GAAP 每股收益預計在 6.90 美元至 7.50 美元之間，而 GAAP 每股收益預計將比這低約 1.22 美元。這是全年的。

For the quarter, the range for the revenue is expected to be between $517 million to $547 million, and non-GAAP EPS is expected to be between $1.48 to $1.58, GAAP EPS is expected to be approximately $0.32 less.

對於本季度，預計收入範圍在 5.17 億美元至 5.47 億美元之間，非 GAAP 每股收益預計在 1.48 美元至 1.58 美元之間，GAAP 每股收益預計將減少約 0.32 美元。

So that's kind of conclude our presentation, and we'd very much love to hear your questions.

我們的演講到此結束，我們非常想听聽您的問題。

So who's going first?

那麼誰先走呢？

Well, we're waiting for Kip is probably going to do that.

好吧，我們正在等待 Kip 可能會這樣做。

My apologies for that. Please, everyone that's going to be asking a question, don't raise your hand. We already have a list, and you'll be selected. (Operator Instructions) Our first question is going to come from Patrick Colville of Deutsche Bank will be followed by Gregg Moskowitz from Mizuho.

對此我深表歉意。請所有要提問的人都不要舉手。我們已經有了一份名單，您將被選中。 （操作員說明）我們的第一個問題將來自德意志銀行的 Patrick Colville，接下來是來自 Mizuho 的 Gregg Moskowitz。

Thank you, Kip. Thank you for having me on. I mean congratulations on a really excellent set of results. I guess -- the standout was the guidance you just gave, very impressive, no doubt. Can you just kind of pick apart the factors behind that I guess the contributive factors are probably the cyber security spending environment, the product mix and suites and then any changes around pricing? So can you just kind of give us some color around how those factors are playing into that guidance?

謝謝你，基普。謝謝你邀請我。我的意思是祝賀你取得了非常出色的成績。我想——最突出的是你剛才給出的指導，毫無疑問，非常令人印象深刻。你能不能把背後的因素分開，我猜促成因素可能是網絡安全支出環境、產品組合和套件，然後是定價方面的任何變化？那麼，您能否就這些因素如何影響該指南給我們一些顏色？

Tal, it's for you.

塔爾，這是給你的。

Okay. So I'll say the following. We see -- we've seen last year when we came into the year with an expectation of 3% but we have seen through the year an acceleration. If you look at the billing both short term and long term. But even if you look at the short term, we see billing growing. So it's starting to translate into the P&L. So we start to see our revenues increasing from 3% to 3.5% to 4% to 4.5% to 5%, even higher in the Q4. So we came in more optimistic because we see a really nice business. You see in the revenues, that's why I talked about it some regions look weaker than the other, but actually billing, 3 of them finished strong. So hopefully, it's an indication that we're starting to see the results of some of our investments. We invest in CloudGuard and in Harmony. So while starting from small numbers, it's starting to have also an effect on our revenues. So that's nice to see that as well.

好的。所以我會說以下內容。我們看到了——我們去年看到了 3% 的預期，但我們看到了這一年的加速。如果您查看短期和長期賬單。但即使你著眼於短期，我們也會看到賬單在增長。所以它開始轉化為損益表。因此，我們開始看到我們的收入從 3% 增長到 3.5% 到 4% 到 4.5% 到 5%，在第四季度甚至更高。所以我們更加樂觀，因為我們看到了一個非常好的業務。你在收入中看到，這就是我談論它的原因，有些地區看起來比其他地區弱，但實際上，其中 3 個地區表現強勁。所以希望這表明我們開始看到我們的一些投資的結果。我們投資於 CloudGuard 和 Harmony。因此，雖然從少量開始，但它也開始對我們的收入產生影響。所以很高興看到這一點。

So taking all of that into account, we feel that the midpoint is moving up to the area of that whatever it was the 6%, right? So that's the beginning point. The range you take into account, and that's something very hard to calculate. And I think he was very open about it, how much each risk translates very hard to know. But we do know that we're going into a year that there's higher risk when it comes to the supply chain because we see like Q2, Q3, Q4, we see more and more issues. We solved all of them. We're working on them daily, closing items, new problems opening, solving them. So it's a very fast run with the shortages. We assume it will continue probably in the first half of the year and start to elevate towards the second half. I'm not sure it will happen, but I'm hoping it will happen. So that's really relating to the shortages.

因此，考慮到所有這些因素，我們認為中點正在向上移動到 6% 的區域，對嗎？這就是起點。你考慮的範圍，這是很難計算的。而且我認為他對此非常開放，很難知道每種風險轉化為多少。但我們確實知道，我們將進入供應鏈風險更高的一年，因為我們看到第二季度、第三季度、第四季度，我們看到越來越多的問題。我們解決了所有問題。我們每天都在處理它們，關閉項目，打開新問題，解決它們。所以這是一個非常快速的短缺。我們假設它可能會在今年上半年繼續，並在下半年開始上升。我不確定它會發生，但我希望它會發生。所以這真的與短缺有關。

Macroeconomic, I don't know what will happen. I hope it will continue to be strong. COVID, travel is going back, more and more people travel, how much it will affect. We took an assumption midpoint within I assume a full return to 2019 level. We assume stronger levels of travel in this year, hopefully, but we don't know. We see different waves showing up in different regions in different reaction. So travel is somewhere in the middle. Currency, we took the current rates. So if it will change dramatically, I'm not talking only about the expenses. It also changed customers' behavior with their budgets. So I'm assuming that what we know right now about the currency would stay. So it affects the expenses, but hopefully no effect on the revenues. So the assumption there is no additional shift there. Growth in the CloudGuard, growth in Harmony, growth in Infinity, definitely part of the assumptions there.

宏觀經濟，我不知道會發生什麼。我希望它會繼續強大。 COVID，旅行正在倒退，越來越多的人旅行，它會影響多少。我們採用了一個假設中點，我假設完全回到 2019 年的水平。我們希望今年的旅行水平更高，但我們不知道。我們看到不同的波浪以不同的反應出現在不同的區域。所以旅行介於兩者之間。貨幣，我們採用當前匯率。因此，如果它會發生巨大變化，我不僅僅是在談論費用。它還通過預算改變了客戶的行為。所以我假設我們現在對貨幣的了解會保留下來。所以它會影響支出，但希望對收入沒有影響。所以假設那裡沒有額外的轉變。 CloudGuard 的增長、Harmony 的增長、Infinity 的增長，絕對是那裡假設的一部分。

I hope that answered your question.

我希望這回答了你的問題。

All right. Next up, we have Gregg Moskowitz from Mizuho followed by Adam Tindle of Raymond James.

好的。接下來是來自瑞穗的 Gregg Moskowitz，然後是來自 Raymond James 的 Adam Tindle。

All right. Nice to see the great results. Just terrific to see the improved growth and execution at Check Point. I have 2 related questions, if I may. So from what we've heard some of your competitors are also doing pretty well. And I guess my question for you, Gil, is within network security, is there anything that you can pinpoint that perhaps is driving stronger demand? And then for Check Point specifically, I believe you said that internally, you're expecting double-digit billings growth for 2022. Now obviously, there's a sales productivity ramp. But my question there is how reliant is your growth projection on your ability to expand your frontline sales force by 25% this year?

好的。很高興看到偉大的結果。看到 Check Point 的增長和執行得到改善真是太棒了。如果可以的話，我有 2 個相關問題。因此，據我們所知，你們的一些競爭對手也做得很好。 Gil，我想我的問題是在網絡安全方面，有什麼你可以指出的可能正在推動更強勁的需求嗎？然後特別是對於 Check Point，我相信你在內部說過，你預計 2022 年的賬單會出現兩位數的增長。現在很明顯，銷售效率正在提高。但我的問題是，您的增長預測對今年將一線銷售隊伍擴大 25% 的能力的依賴程度如何？

So that's an excellent question. First, -- but I mean, I think that many of the initial numbers that we enter based on the existing sales force, but we are pushing very, very hard for the sales force to hire fast and actually even hire at the beginning of the year. Usually, when we say 25% growth or 5% growth, we do that growth along the year. This one, my message to the sales force is hire sales people as fast as you can in the first quarter. Again, I'm not sure that we'll be able to make it. It's hard to recruit people these days. And such growth is not a trivial growth to an organization ourselves, but still that's the message.

所以這是一個很好的問題。首先，但我的意思是，我認為我們輸入的許多初始數字都是基於現有的銷售人員，但我們正在非常、非常努力地推動銷售人員快速招聘，實際上什至在銷售開始時就聘用了年。通常，當我們說 25% 或 5% 的增長時，我們指的是全年增長。這一次，我給銷售人員的信息是在第一季度盡快聘請銷售人員。同樣，我不確定我們是否能夠做到。現在招人難啊。這種增長對組織本身來說並不是微不足道的增長，但這仍然是信息。

I think if everything works, we are set to very nice numbers, but I think not everything will work. I think we'll want to be able to recruit all the people they want to all be productive. But I think that we can get to the numbers that we've said to the range that we put in based on what we have now and based on the productivity we have now. So that's the kind of the general. And again, I can tell you, we just finished our CPX conference. CPX conferences, for customers, partners and employees, we had 3; in APAC, in Europe and in the Americas. Today, the European 1 is going to end, and it went very, very well, 25% increase in attendees, excellent scores, excellent feedback, excellent energy. So I think we're starting the year on the right track.

我認為如果一切順利，我們將獲得非常好的數字，但我認為並非一切都會奏效。我認為我們希望能夠招募到所有他們想要的人，從而提高工作效率。但我認為我們可以根據我們現在擁有的和我們現在擁有的生產力來達到我們所說的範圍內的數字。這就是那種將軍。再一次，我可以告訴你，我們剛剛結束了我們的 CPX 會議。 CPX 會議，針對客戶、合作夥伴和員工，我們舉辦了 3 場；在亞太地區、歐洲和美洲。今天，European 1 即將結束，進行得非常非常好，參加人數增加了 25%，出色的成績，出色的反饋，出色的能量。所以我認為我們在正確的軌道上開始了這一年。

If I can highlight for everybody also if you'd like to see the CPX event, you can actually sign up and register and we'll have video on demand. Next up, we have Adam Tindle, followed by Gray Powell from BTIG.

如果我也可以向大家強調，如果您想觀看 CPX 活動，您可以實際註冊並註冊，我們將提供視頻點播。接下來，我們有 Adam Tindle，然後是來自 BTIG 的 Gray Powell。

Just a clarification for Tal and a question for Gil. Tal, 6th consecutive quarter with accelerated billings, you're now approaching mid-teens growth in the billings metric. Just want to dispel any skepticism there. You've talked before how billings can be impacted by duration. Was there anything notable in the quarter on that? And I think you also implemented some price increases here in the early part of 2022. Any sense of pull forward in Q4 ahead of that price increase based on what you're seeing here for billings trends in early February?

只是對 Tal 的澄清和對 Gil 的提問。 Tal，連續第 6 個季度的賬單加速增長，您現在的賬單指標正接近十幾歲的增長。只是想消除那裡的任何懷疑。您之前已經討論過持續時間如何影響賬單。這個季度有什麼值得注意的地方嗎？而且我認為您在 2022 年初也在這裡實施了一些價格上漲。根據您在這裡看到的 2 月初的賬單趨勢，在價格上漲之前第四季度是否有任何進展？

And Gil, if you could just talk about that broader decision for price increases in any customer or partner response based on your conversation?

吉爾，如果你能根據你的談話在任何客戶或合作夥伴的回應中談談更廣泛的價格上漲決定？

Okay. That was a long question. I'm not sure I remember it but i'll try. So first on the building, the billing was strong. You can see also when you calculate the short-term billing, you see a double-digit growth, right? I think it was 10% or 11%, which is also an acceleration from, I think, 6% last quarter. I can find the numbers, but you can calculate them. So the growth is -- if you look at total billing or even short-term billing, you see that it grows. So even if some of it came from (inaudible) , which it always does, you can see that it accelerated also in the short term. Long term is a good phenomenon.

好的。這是一個很長的問題。我不確定我是否記得它，但我會嘗試。所以首先在建築物上，賬單很強勁。您還可以看到，在計算短期賬單時，您會看到兩位數的增長，對嗎？我認為是 10% 或 11%，這也比上個季度的 6% 有所加快。我可以找到數字，但你可以計算它們。所以增長是——如果你看一下總計費甚至短期計費，你會發現它在增長。因此，即使其中一些來自（聽不清），它總是這樣做，你可以看到它也在短期內加速。長期是個好現象。

It's not the focus, but it's a good phenomenon because customers are going with you for the long run, so that's always good, but both of them increased. The second part of the question, I don't remember -- if there was maybe an effect on the price increase. Remember, we sell to the distributor, sell to partner or sell to the end users. So it's very hard to know would cause the billing. I will say, probably there was an effect. I don't think it was hundreds of millions, right? But it might have been maybe $10 million, yes, there probably was some effect of trying to avoid the increase in the pricing.

這不是重點，但這是一個好現象，因為從長遠來看，客戶會和你一起走，所以這總是好的，但兩者都有所增加。問題的第二部分，我不記得了——是否可能對價格上漲產生影響。請記住，我們出售給分銷商、出售給合作夥伴或出售給最終用戶。所以很難知道會導致計費。我會說，可能有影響。我不認為這是數億，對吧？但這可能是 1000 萬美元，是的，試圖避免價格上漲可能會產生一些影響。

And remember that our price increases will start from January 1. So again, the impact is that maybe some of the people did the purchases or the renewals a little bit earlier. But again, I think we wouldn't be proud of the billing growth unless we felt it's meaningful. Let's we put it that way. As you know, every quarter, we are trying to play down the billing number because again, in many cases, it doesn't per present. This quarter, I think we've seen some very good indicators. So we are not just showing these numbers because they are impressive. But because at least last quarter, I don't know if you predict the next quarter, but last quarter, we've seen very good internal metrics.

請記住，我們的價格上漲將從 1 月 1 日開始。因此，再次影響的是，可能有些人更早地進行了購買或續訂。但同樣，我認為除非我們覺得有意義，否則我們不會為賬單增長感到自豪。讓我們這樣說吧。如您所知，每個季度，我們都試圖淡化帳單數量，因為在許多情況下，它並不是每次都出現。本季度，我認為我們已經看到了一些非常好的指標。所以我們展示這些數字不僅僅是因為它們令人印象深刻。但是因為至少在上個季度，我不知道你是否預測下個季度，但在上個季度，我們看到了非常好的內部指標。

All right. Next up, we have Gray Powell from BTIG, followed by Matthew Hedberg from RBC.

好的。接下來是來自 BTIG 的 Gray Powell，然後是來自 RBC 的 Matthew Hedberg。

All right. Great. Congratulations on the good numbers. So yes, how should we think about the upsell opportunity with Avanan? Did that acquisition contribute meaningfully to the improved billings growth in Q4? And then just how should we think about that acquisition in the context of your 2022 outlook?

好的。偉大的。祝賀好數字。那麼，是的，我們應該如何考慮 Avanan 的追加銷售機會？那次收購是否對第四季度改善的賬單增長做出了有意義的貢獻？那麼在您 2022 年展望的背景下，我們應該如何考慮此次收購？

Just look at the total number. Now they had an effect, but a very small one. Of course, it's a very small company. But we definitely believe in them and believe that they will grow significantly next year. And that's why Gil said, we announced it as one of other Rockets, the Harmony email security. They are a major part of it. Also, we consolidated it, of course, with Check Point (inaudible) security. So we believe it's a fast growing and we want to invest in it. If anything, it's actually increased our investment which is a different profit profile than Check Point, which is part of the margin plan for next year because we want to invest in it as we believe we say it's a very nice and fast-growing market.

看看總數就知道了。現在他們有了效果，但是非常小。當然，這是一家非常小的公司。但我們絕對相信他們，相信他們明年會大幅增長。這就是為什麼 Gil 說，我們宣布它是其他火箭之一，Harmony 電子郵件安全。他們是其中的主要部分。當然，我們還通過 Check Point（聽不清）安全性對其進行了整合。因此，我們相信它正在快速增長，我們希望對其進行投資。如果有的話，它實際上增加了我們的投資，這與 Check Point 的利潤狀況不同，Check Point 是明年利潤計劃的一部分，因為我們想投資它，因為我們相信我們說這是一個非常好的且快速增長的市場。

Next up is Matthew Hedberg from RBC Capital Markets, followed by Sterling Auty of JPMorgan.

接下來是 RBC 資本市場的 Matthew Hedberg，然後是摩根大通的 Sterling Auty。

Congrats guys on the results. And by the way, I love the new -- the logo and branding is great. Gil, what rooted out to me is the 25% sales force growth expectation, I'm curious, how does that relate to maybe prior targets that you've had? Because it seems like it's a substantial uptick from what you've done historically? And then can you talk about the challenge of finding good sales talent these days? And is that maybe an inhibiting factor as well, but the number -- the target looks really, really strong.

祝賀你們取得的成績。順便說一句，我喜歡新的——標誌和品牌很棒。吉爾，對我來說最根深蒂固的是 25% 的銷售人員增長預期，我很好奇，這與您之前的目標有何關係？因為它看起來比你過去所做的有了實質性的提升？然後你能談談現在尋找優秀銷售人才的挑戰嗎？這也可能是一個抑制因素，但數字——目標看起來真的非常強大。

First, you're right. It's much, much bigger than what we had before. In the last few years, the numbers were all single-digit growth. And in many cases, we didn't achieve them. And some of them, we didn't achieve them because we weren't investing. And some of them because the general tendency of the sales force is actually the salespeople, they like to keep their territories very big, so they keep the opportunity for themselves. And if they got the budget for hiring, they like to hire and support people that will help them. So over the last few years, it actually analyzed our growth in the sales, big part of it came in the form of creating overlays that can support our strategic products in more technical help to the salespeople. But in some areas, and particularly in Americas, we didn't -- we almost didn't increase the capacity, the salespeople, and we need more salespeople. So this investment is not just an investment from -- it's a big change internally in the mindset of people.

首先，你是對的。它比我們以前擁有的要大得多。在過去的幾年裡，這些數字都是個位數的增長。在許多情況下，我們沒有實現它們。其中一些，我們沒有實現，因為我們沒有投資。他們中的一些人因為銷售人員的普遍傾向實際上是銷售人員，他們喜歡把自己的領土保持得很大，所以他們把機會留給自己。如果他們有招聘的預算，他們就會願意聘用和支持能幫助他們的人。所以在過去的幾年裡，它實際上分析了我們的銷售增長，其中很大一部分是以創建覆蓋的形式出現的，這些覆蓋可以支持我們的戰略產品，為銷售人員提供更多技術幫助。但在某些地區，尤其是在美洲，我們沒有——我們幾乎沒有增加產能、銷售人員，我們需要更多的銷售人員。因此，這項投資不僅僅是一項投資——它是人們思維方式內部的巨大變化。

Yes, we want to go and attack. Yes, we want to go and find new customers. Yes, we want to go and serve our big customers and not only the big customers in all segments better, and it's a big change internally. Now I think it's doable. I think the target I've set for the people is that you can hire all the people in the first quarter. I don't think that we will necessarily achieve all of that in the first quarter. But I think there are good people. Many people do want to work for Check Point. We understand that sometimes working for our company, I mean, there's a lot of promise, for example, working for many start-ups, but on the other hand, trying to build your reputation and establish yourself in the marketplace is not as easy as it sounds. So I think that we do have a good cadence. We do have a good pipeline of salespeople, it will probably take us some time to hire that, but I think the change should be meaningful. Some of it this year, some of it we may rely this year and a lot of it next year.

是的，我們想去進攻。是的，我們想去尋找新客戶。是的，我們想去更好地服務我們的大客戶，而不僅僅是所有細分市場的大客戶，這在內部是一個很大的變化。現在我認為這是可行的。我認為我為人員設定的目標是您可以在第一季度僱用所有人員。我認為我們不一定會在第一季度實現所有這些。但我認為有好人。許多人確實想為 Check Point 工作。我們知道有時為我們公司工作，我的意思是，有很多承諾，例如，為許多初創企業工作，但另一方面，試圖建立你的聲譽並在市場上站穩腳跟並不像聽起來。所以我認為我們確實有一個很好的節奏。我們確實有很好的銷售人員渠道，我們可能需要一些時間才能聘用，但我認為這種變化應該是有意義的。今年有一些，今年我們可能會依賴其中一些，明年我們可能會依賴很多。

Next up is Sterling Auty from JPMorgan, followed by Joel P. Fishbein Jr. from Truist Securities.

接下來是摩根大通的 Sterling Auty，然後是 Truist Securities 的 Joel P. Fishbein Jr.。

I want a full name like that, Kip. So Tal, can you help us -- I wasn't completely clear what was the magnitude of the price actions that you took? What was instituted during the December quarter, what was instituted after? And how should we think about that impacting the gross margins in light of the EPS guidance that you gave?

我想要一個這樣的全名，基普。那麼塔爾，你能幫助我們嗎——我不是很清楚你採取的價格行動的幅度有多大？什麼是在 12 月季度製定的，什麼是之後製定的？根據您給出的 EPS 指導，我們應該如何考慮這對毛利率的影響？

Actually included as part of that, right? So let's talk about 1 second. First, the price increase was in the beginning and now it's in December or maybe in October for the beginning of 2022. That's one.

實際上包括在內，對吧？因此，讓我們談談 1 秒。首先，價格上漲是在一開始，現在是 2022 年初的 12 月或 10 月。就是這樣。

Price increase in the fourth quarter, it starts on January 1, just to be clear.

第四季度的價格上漲，從 1 月 1 日開始，只是為了明確。

Yes. So that's one. Secondly, we didn't do an increase. I know many people increased significantly more. We increased, I think, only in 7%. So it's not a huge increase. So that's not -- so that's part of the next year, you will start to see that. And that's why to the question, maybe some of them put it before. It's not like 30% more increase, so it might have shifted millions, but not -- this was -- I don't expect it to be $50 million, $60 million increase, right? So it might be 10, right, just doing an expectation, but it's very hard to know.

是的。這就是一個。其次，我們沒有增加。我知道很多人增加得更多。我認為，我們只增加了 7%。所以這不是一個巨大的增長。所以那不是——所以那是明年的一部分，你會開始看到這一點。這就是為什麼提出這個問題，也許他們中的一些人之前提出過這個問題。這不像增加 30%，所以它可能轉移了數百萬美元，但不是——這是——我不希望它增加 5000 萬美元，6000 萬美元，對嗎？所以它可能是 10，對吧，只是做一個預期，但很難知道。

For next year guidance, we took into account everything. So on the 1 hand, you have that. On the other hand, you have price competition is regular. You have LightSpeed, which might pull the ASP actually down and you have the higher costs. The increase -- the cost is higher than 7%. So it's included as part of the margin, right?

對於明年的指導，我們考慮了一切。所以一方面，你有那個。另一方面，你有價格競爭是經常性的。你有 LightSpeed，它可能會拉低 ASP 實際上你有更高的成本。增加——成本高於7%。所以它包含在保證金中，對嗎？

All right. Our next caller is from Junior, and then it will be followed by Philip Winslow from Credit Suisse.

好的。我們的下一位來電者來自 Junior，然後是來自瑞士信貸的 Philip Winslow。

Gil, just 1 for you. Log4J has made a lot of noise, but we really haven't seen a lot of breaches from it right now. What do you think the potential impact is of that for the overall market? And then also you hit on it a little bit in your prepared remarks, but I'd love to hear how that could be an accelerator for you guys to the overall results?

吉爾，只有 1 給你。 Log4J 引起了很大的轟動，但我們現在確實還沒有看到它的很多漏洞。您認為這對整個市場的潛在影響是什麼？然後你在準備好的發言中也提到了一點，但我很想听聽這對你們來說如何加速整體結果？

We are not relying on any specific break as an accelerator of our growth. But it will have an effect on the market. It's one of the most challenging vulnerabilities ever found, not only because it's easy for a few reasons. First, it's easy to exploit, second, it's from interfaces that are open. Many vulnerabilities are on interfaces that are behind closed doors that are internal to the data center, but there's a higher level of protection. But Cloud 4J is almost on every web server and every -- and many, many web services outside there, and it's really easy to exploit. One string causes a remote code execution. So that's the worst part.

我們不依賴任何特定的突破作為我們增長的加速器。但它會對市場產生影響。它是迄今為止發現的最具挑戰性的漏洞之一，不僅僅是因為它很容易被攻擊。首先，它很容易被利用，其次，它來自於開放的接口。許多漏洞出現在數據中心內部緊閉門後的接口上，但有更高級別的保護。但是 Cloud 4J 幾乎存在於每台 Web 服務器和每台服務器之外的許多 Web 服務上，而且它真的很容易被利用。一個字符串會導致遠程代碼執行。所以這是最糟糕的部分。

Now I think the industry created -- and by the way, that's evident. Usually, you see vulnerabilities every day. We see that inside the industry. But most of them, you don't find an exploit and maybe there are exploits that are being used rarely, so we don't see them but you don't see the exploits. In Cloud 4J, within 48 hours, we saw like 60 different variants of exploitations. So it was very, very easy to understand how to use that to attack systems. I think with enterprises around the world be the right thing and pitched it and try to fix things and so on, and that's great. But I think there remain tens of millions of servers out there that nobody touched because nobody knows that they're there because nobody is managing or nobody in the handling. And they will be the source of infections for probably many years because, again, the attackers are not just on day 1. On day 1, they showed that they know how to do it, but -- and maybe I'll explain when you look at the attack, there's multiple steps. There's model the [Mitra] model, which is how it works.

現在我認為這個行業創造了——順便說一句，這是顯而易見的。通常，您每天都會看到漏洞。我們在行業內部看到了這一點。但其中大多數，你找不到漏洞，也許有些漏洞很少被使用，所以我們看不到它們，但你也看不到漏洞。在 Cloud 4J 中，在 48 小時內，我們看到了大約 60 種不同的利用變體。所以非常非常容易理解如何使用它來攻擊系統。我認為與世界各地的企業一起做正確的事情並推銷它並嘗試解決問題等等，這很棒。但我認為仍然有數以千萬計的服務器沒有人接觸，因為沒有人知道它們在那裡，因為沒有人在管理或沒有人在處理。它們可能會成為感染源很多年，因為攻擊者不僅僅是在第一天。在第一天，他們表明他們知道如何去做，但是 - 也許我會在你解釋的時候解釋看看攻擊，有多個步驟。有模型 [Mitra] 模型，這就是它的工作原理。

So first is collecting intelligence. Second is finding the entry point and then inflecting it with the malicious, the malware. So this is the new entry point. It's an easy entry point and this can be used in the future by many hacking groups, whether it's by many criminals, and I'm sure it will be used, and we will have impact on the industry.

所以首先是收集情報。其次是找到入口點，然後用惡意軟件改變它。所以這是新的入口點。這是一個簡單的入口點，將來可以被許多黑客組織使用，無論是被許多犯罪分子使用，我相信它會被使用，我們會對行業產生影響。

All right. Our next question is from Philip Winslow, followed by Jonathan Ho of William Blair & Company.

好的。我們的下一個問題來自 Philip Winslow，其次是 William Blair & Company 的 Jonathan Ho。

Good to see that are doing well. Gil, a question for you on cloud security. If you think about the commentary we've seen from the hyperscalers in the past couple of quarters, you had accelerating shift workloads to the cloud. But also just the station criticality of the workloads that are shifting, not just through a single cloud, but multiple clouds. When you think about the impact of that the Check Point and just sort of call it attach rates of security in the cloud, what are you hearing from customers? And maybe you could give us some just more color on CloudGuard in particular, that would be great.

很高興看到他們做得很好。吉爾，有一個關於雲安全的問題。如果你想想我們在過去幾個季度從超大規模企業那裡看到的評論，你就會加速將工作負載轉移到雲端。但也只是正在轉移的工作負載的站點關鍵性，不僅通過單個雲，而且通過多個雲。當您考慮 Check Point 的影響並稱其為雲中的附加安全率時，您從客戶那裡聽到了什麼？也許您可以特別在 CloudGuard 上給我們一些更多的顏色，那就太好了。

I think Cloud security is a very high priority for every customer. We see that every conference, or every interaction. It's not a giant industry at the moment, and it's unclear, by the way, how it will shake up. There is plenty of startups that are targeting it for multiple directions. The big cloud providers, Microsoft, Google and Amazon are investing in that. I think we shouldn't be blind to that. They are investing in creating -- on top of the -- by the way, versus one of the bigger confusions. The big cloud providers are investing in making and are doing a good job in making their platform secure. They are not usually taking care or the customer application. That's the customer responsibility.

我認為雲安全是每個客戶的首要任務。我們看到每次會議或每次互動。目前這還不是一個巨大的行業，順便說一下，它會如何重組還不清楚。有很多初創公司將其作為多個方向的目標。微軟、谷歌和亞馬遜等大型雲提供商正在對此進行投資。我認為我們不應該對此視而不見。順便說一句，他們正在投資於創造——最重要的是，而不是更大的混亂之一。大型雲提供商正在投資並在確保其平台安全方面做得很好。他們通常不會照顧或客戶應用程序。那是客戶的責任。

But now we are making investment in securing the whole thing and making security also part of their business. Even in some cases, in multi-cloud environments because one of the arguments for our industry is that we will deal with everything. So there is an investment there. I think it still remains a very important area for us to protect, a very important opportunity in the marketplace. How it will shake up? I still don't know. I mean, we've seen markets that have taken and I'll give you another example. Mobile security is a good example of a market that I think for me it's evidence that people need to invest, but companies are not investing in mobile security enough.

但現在我們正在投資確保整個事情的安全，並使安全也成為他們業務的一部分。即使在某些情況下，在多雲環境中也是如此，因為我們行業的論據之一是我們將處理所有事情。所以那裡有投資。我認為它仍然是我們需要保護的一個非常重要的領域，一個非常重要的市場機會。它將如何動搖？我還是不知道。我的意思是，我們已經看到市場已經採取行動，我再舉一個例子。移動安全是市場的一個很好的例子，我認為這證明人們需要投資，但公司在移動安全方面的投資還不夠。

I think that cloud will change that because the structural impact of it is much, much bigger. It's not an individual device. It's the whole company. It's the whole assets. And I think the benefits of Check Point remain very important. The fact that we are connecting the private cloud to the public cloud, the fact that we are connecting all the different elements. But it's still a very interesting and a very challenging market. And so I mean, we'll continue to invest in that. And I think we're expecting some good evolution in that marketplace.

我認為雲會改變這一點，因為它的結構性影響要大得多。它不是一個單獨的設備。這是整個公司。是全部資產。而且我認為 Check Point 的好處仍然非常重要。事實上，我們正在將私有云連接到公共雲，我們正在連接所有不同的元素。但它仍然是一個非常有趣和非常具有挑戰性的市場。所以我的意思是，我們將繼續投資於此。而且我認為我們期待在該市場上取得一些良好的發展。

Last question is going to come from Jonathan Ho of William Blair.

最後一個問題將來自 William Blair 的 Jonathan Ho。

Thank you for squeezing me in. And let me echo my congratulations as well on a strong quarter. I wanted to touch on sort of the LightSpeed comments around cannibalization that you made. And 1 can -- I did want to understand a little bit better that I don't think I've ever seen checkpoint play, the sort of price performance game. And so does this sort of shift -- or signal a shift in your own strategy going forward? And how do you think about the potential impact, just given that the ratio dramatically changes with something like LightSpeed.

謝謝你把我擠進來。讓我也對一個強勁的季度表示祝賀。我想談一談 LightSpeed 對你所做的同類相食的評論。並且 1 可以 - 我確實想更好地理解一點，我認為我從未見過檢查站遊戲，這是一種性價比遊戲。那麼這種轉變 - 還是表明你自己的戰略向前發展的轉變？你如何看待潛在的影響，只是考慮到比率隨著 LightSpeed 之類的東西而顯著變化。

So first, we've been competing in that and not necessarily on our lease price, but we are -- but we have been very competitive. And by the way, we win many of the big data centers, especially of the big financials, when we compete head-to-head with other companies that are making price performance for only business. So I think that's the reason that we feel the LightSpeed can change these dynamics.

所以首先，我們一直在競爭，不一定是在我們的租賃價格上，但我們是 - 但我們一直非常有競爭力。順便說一句，當我們與其他只為業務提供性價比的公司正面競爭時，我們贏得了許多大數據中心，尤其是大型金融中心。所以我認為這就是我們認為 LightSpeed 可以改變這些動力的原因。

Again, there is some risk and we have -- we put in place the measures to try and contain it for cannibalization because, again, when you sell 10x more or 10x to 20x more performance for the same price or for a much lower price. It can change the behavior. But I think overall, it's the right move for us, and we want to invest and there's many, many hundreds of -- let's put it that way. The opportunity in the data center is far bigger today, then, for example, cloud security. In 5 years from now, I don't know, but in 2022, the data center market is bigger than the cloud security market. And it's a market that ours. We know the customers, they love us, they use us and so on. So expanding our market share in the data center is an important opportunity.

同樣，存在一些風險，我們已經採取了措施來嘗試控制它以進行蠶食，因為同樣，當您以相同的價格或更低的價格出售 10 倍或 10 倍至 20 倍的性能時。它可以改變行為。但我認為總的來說，這對我們來說是正確的舉動，我們想投資，而且有很多很多——讓我們這樣說吧。今天數據中心的機會要大得多，例如，雲安全。 5 年後，我不知道，但到 2022 年，數據中心市場比雲安全市場更大。這是我們的市場。我們了解客戶，他們喜歡我們，他們使用我們等等。所以擴大我們在數據中心的市場份額是一個重要的機會。

All right, guys. Thank you very much. We appreciate you attending today. We'll look forward to speaking with you after the call and in the coming days and weeks. Again, if you guys would like to revisit CPX, go ahead and sign up. We have it on video on demand for those of you that missed it, and we'll see you in the coming weeks. Thank you.

好吧，伙計們。非常感謝。感謝您今天出席。我們期待在電話會議後以及未來幾天和幾週內與您交談。同樣，如果你們想重新訪問 CPX，請繼續註冊。我們為那些錯過它的人提供視頻點播，我們將在未來幾週內見到你。謝謝。

Thank you very much.

非常感謝。

Thank you.

謝謝。