<p>Check Point 软件 ((CHKP)) 已举行其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以便做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>Check Point 软件最新的财报电话会议传达了谨慎乐观的基调，管理层在强劲的盈利能力、现金生成和订阅增长势头与产品收入下滑之间取得了平衡。高管们将本季度视为基本面韧性的证据，同时承认市场推广的变化扰乱了设备销售，并迫使公司进行适度的收入重置，他们坚称这只是暂时的。</p>
<h2>强劲的盈利能力和利润率</h2>
<p>Check Point 强调了其盈利能力，报告非 GAAP 运营收入为 2.65 亿美元，运营利润率高达 40%。非 GAAP 每股收益同比增长 13% 至 2.50 美元，而 GAAP 每股收益约增长 5% 至 1.81 美元，支持了公司在销售摩擦中仍能保持纪律性执行的声誉。</p>
<h2>强劲的自由现金流生成</h2>
<p>投资者再次得到了 Check Point 作为现金机器的提醒，调整后的自由现金流达到 4.57 亿美元，同比增长 11%。管理层强调这一数字超过了指导范围的中点约 7000 万美元，增强了回购、收购和持续投资的灵活性。</p>
<h2>订阅收入强劲</h2>
<p>订阅仍然是增长的引擎，同比增长 11% 至 3.23 亿美元，并成为主要的收入驱动因素。管理层表示信心，预计下半年订阅增长将加速，因为新产品获得了市场认可，销售执行逐渐正常化。</p>
<h2>新兴技术高增长</h2>
<p>电子邮件安全、CTEM 和 SASE 等新兴产品继续快速扩展，计算账单同比增长约 45%。CTEM 年度经常性收入几乎翻倍，增长 96%，这三条新兴产品线现在占订阅年度经常性收入的近 30%，成为未来扩展的关键支柱。</p>
<h2>稳健的收入和订单积压指标</h2>
<p>尽管产品表现疲软，总收入同比增长 5% 至 6.68 亿美元，仅比指导中点少 200 万美元。递延收入增长 8% 至 20.6 亿美元，剩余履约义务增长 7% 至 25.92 亿美元，显示出健康的潜在需求和未来收入的可见性。</p>
<h2>健康的资产负债表和资本回报</h2>
<p>资产负债表依然突出，拥有 44 亿美元的现金和短期存款，提供了充足的战略资金。Check Point 在进攻和防守上都部署了资本，完成了一笔约 9200 万美元的收购，并以平均接近 170 美元的价格回购了 190 万股，耗资 3.25 亿美元。</p>
<h2>高毛利率</h2>
<p>毛利保持异常强劲，毛利润上升至 5.86 亿美元。公司维持 88% 的毛利率，强调其软件导向和订阅组合的高毛利特性，即使在应对产品方面的动荡和成本上升时。</p>
<h2>战略领导力和人工智能投资</h2>
<p>管理层强调了最近的领导层招聘，包括一位新的首席营收官和一位专注于人工智能安全的总经理，以提升执行力。除了组织变革，Check Point 正在推出 AI 防御计划和 AI 工厂安全蓝图等举措，同时加深与主要云合作伙伴的关系，并资助基础 AI 模型及相关研发。</p>
<h2>产品收入疲软</h2>
<p>本季度的主要瑕疵来自于产品收入疲软，特别是防火墙设备，未能达到内部预期。管理层将这一短缺归因于短期的干扰，而非需求减弱，并认为随着重新设计的市场推广模式的落实，影响应会减小。</p>
<h2>市场推广转型导致销售干扰</h2>
<p>全面的市场推广改革，包括重新分配客户经理和改变领导角色，导致销售团队执行出现摩擦。这些内部变动减缓了新业务渠道的创建，尤其是对于周期较长的防火墙交易，并直接导致硬件表现疲软。</p>
<h2>计算账单下降</h2>
<p>计算账单同比下降 1% 至 5.48 亿美元，显示出近期对增长指标的拖累。然而，目前的计算账单仍增长 2%，使管理层对潜在的增长动能保持信心，因为销售周期正常化，新销售结构稳定。</p>
<h2>短期收入指导调整</h2>
<p>鉴于设备面临的压力，公司将全年收入预期下调至 27.70 亿至 28.50 亿美元的区间，并警告第二季度产品收入将出现更大幅度的下降。管理层仍重申，他们预计产品趋势将在下半年恢复，订阅将继续支撑整体增长。</p>
<h2>组件成本上升</h2>
<p>成本通胀是另一个关注点，管理层指出内存价格持续上涨，影响硬件经济。他们表示这些压力已被纳入更新的产品收入展望，并承认如果不通过定价或产品组合来抵消，持续的成本上升可能会压缩产品利润率。</p>
<h2>运营费用压力</h2>
<p>运营费用也有所上升，反映出对人员和增长计划的更大投资，剔除研发补助的运营费用增长 14%，在固定汇率下增长 12%。扣除补助后，运营费用达到 3.21 亿美元，增长 5%，公司在人工智能和安全研发以及更积极的销售和市场营销上进行了支出。</p>
<h2>人工智能安全收入仍处于初期阶段</h2>
<p>尽管人工智能安全管道正在扩展，客户兴趣上升，但管理层警告称，来自人工智能特定产品的收入贡献需要时间。他们指导投资者将人工智能安全视为到 2027 年更为重要的独立收入来源，而不是期待明年就会有戏剧性的转变。</p>
<h2>前瞻性指引和展望</h2>
<p>在第二季度，Check Point 预测收入将在 6.6 亿美元到 6.9 亿美元之间，订阅收入为 3.28 亿美元到 3.38 亿美元，非 GAAP 每股收益为 2.40 美元到 2.50 美元。全年指引保持订阅收入、非 GAAP 每股收益在 10.05 美元到 10.85 美元之间，并保持调整后的自由现金流目标不变，将当前的逆风视为过渡性，同时新兴产品和订阅推动增长故事。</p>
<p>Check Point 的财报电话会议描绘了一幅公司为了在快速发展的安全环境中进行长期增长而承受自我造成的短期痛苦的画面。投资者将密切关注设备销售是否如承诺的那样恢复，但目前高利润、强现金流和加速的订阅组合保持了长期叙事的完整性，尽管短期道路较为坎坷。</p>

Check Point 软件

<p>Check Point 软件的第一季度财报电话会议强调了强劲的盈利能力，非公认会计原则下的营业收入为 2.65 亿美元，营业利润率为 40%。订阅收入增长 11%，达到 3.23 亿美元，尽管由于市场转型导致产品销售下降，但仍推动了增长。公司将全年收入指引调整为 27.70 亿美元至 28.50 亿美元，原因是设备面临挑战和组件成本上升。管理层对下半年的复苏持乐观态度，认为强劲的现金流和在人工智能方面的战略投资将提供支持</p>

<p>Check Point Software ((CHKP)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Check Point 软件 ((CHKP)) 已举行其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以便做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Check Point Software’s latest earnings call struck a cautiously optimistic tone, as management balanced strong profitability, cash generation and subscription momentum against a softer product top line. Executives framed the quarter as evidence of resilient fundamentals, while acknowledging that go-to-market changes disrupted appliance sales and forced a modest revenue reset they insist is temporary.</p>
<div class="lb-trans"><p>Check Point 软件最新的财报电话会议传达了谨慎乐观的基调，管理层在强劲的盈利能力、现金生成和订阅增长势头与产品收入下滑之间取得了平衡。高管们将本季度视为基本面韧性的证据，同时承认市场推广的变化扰乱了设备销售，并迫使公司进行适度的收入重置，他们坚称这只是暂时的。</p>
</div><h2>Strong profitability and margins</h2>
<div class="lb-trans"><h2>强劲的盈利能力和利润率</h2>
</div><p>Check Point underscored its profitability profile, reporting non‑GAAP operating income of $265 million and a robust 40% operating margin. Non‑GAAP EPS climbed 13% year over year to $2.50, while GAAP EPS increased about 5% to $1.81, supporting the company’s reputation for disciplined execution even amid sales friction.</p>
<div class="lb-trans"><p>Check Point 强调了其盈利能力，报告非 GAAP 运营收入为 2.65 亿美元，运营利润率高达 40%。非 GAAP 每股收益同比增长 13% 至 2.50 美元，而 GAAP 每股收益约增长 5% 至 1.81 美元，支持了公司在销售摩擦中仍能保持纪律性执行的声誉。</p>
</div><h2>Robust free cash flow generation</h2>
<div class="lb-trans"><h2>强劲的自由现金流生成</h2>
</div><p>Investors received another reminder of Check Point’s cash machine status, with adjusted free cash flow reaching $457 million, up 11% from a year earlier. Management highlighted that this figure exceeded the midpoint of guidance by about $70 million, reinforcing flexibility for buybacks, acquisitions and continued investment.</p>
<div class="lb-trans"><p>投资者再次得到了 Check Point 作为现金机器的提醒，调整后的自由现金流达到 4.57 亿美元，同比增长 11%。管理层强调这一数字超过了指导范围的中点约 7000 万美元，增强了回购、收购和持续投资的灵活性。</p>
</div><h2>Subscription revenue strength</h2>
<div class="lb-trans"><h2>订阅收入强劲</h2>
</div><p>Subscriptions remained the engine of growth, rising 11% year over year to $323 million and serving as the primary top-line driver. Management signaled confidence that subscription growth will accelerate in the second half, as newer offerings gain traction and sales execution normalizes.</p>
<div class="lb-trans"><p>订阅仍然是增长的引擎，同比增长 11% 至 3.23 亿美元，并成为主要的收入驱动因素。管理层表示信心，预计下半年订阅增长将加速，因为新产品获得了市场认可，销售执行逐渐正常化。</p>
</div><h2>Emerging technologies high growth</h2>
<div class="lb-trans"><h2>新兴技术高增长</h2>
</div><p>Emerging products like email security, CTEM and SASE continued to scale rapidly, delivering around 45% year‑over‑year growth in calculated billings. CTEM annual recurring revenue nearly doubled, jumping 96%, with these three emerging lines now accounting for just under 30% of subscription ARR and forming a key pillar of future expansion.</p>
<div class="lb-trans"><p>电子邮件安全、CTEM 和 SASE 等新兴产品继续快速扩展，计算账单同比增长约 45%。CTEM 年度经常性收入几乎翻倍，增长 96%，这三条新兴产品线现在占订阅年度经常性收入的近 30%，成为未来扩展的关键支柱。</p>
</div><h2>Solid top-line and backlog metrics</h2>
<div class="lb-trans"><h2>稳健的收入和订单积压指标</h2>
</div><p>Despite product softness, total revenue rose 5% year over year to $668 million, only $2 million shy of guidance midpoint. Deferred revenue climbed 8% to $2.06 billion and remaining performance obligations increased 7% to $2.592 billion, signaling healthy underlying demand and visibility into future revenues.</p>
<div class="lb-trans"><p>尽管产品表现疲软，总收入同比增长 5% 至 6.68 亿美元，仅比指导中点少 200 万美元。递延收入增长 8% 至 20.6 亿美元，剩余履约义务增长 7% 至 25.92 亿美元，显示出健康的潜在需求和未来收入的可见性。</p>
</div><h2>Healthy balance sheet and capital returns</h2>
<div class="lb-trans"><h2>健康的资产负债表和资本回报</h2>
</div><p>The balance sheet remained a standout, with $4.4 billion in cash and short‑term deposits providing ample strategic firepower. Check Point deployed capital on both offense and defense, closing a roughly $92 million acquisition in February and repurchasing 1.9 million shares for $325 million at an average price near $170.</p>
<div class="lb-trans"><p>资产负债表依然突出，拥有 44 亿美元的现金和短期存款，提供了充足的战略资金。Check Point 在进攻和防守上都部署了资本，完成了一笔约 9200 万美元的收购，并以平均接近 170 美元的价格回购了 190 万股，耗资 3.25 亿美元。</p>
</div><h2>High gross margin</h2>
<div class="lb-trans"><h2>高毛利率</h2>
</div><p>Gross profitability stayed exceptionally strong, as gross profit rose to $586 million. The company maintained an 88% gross margin, underscoring the high‑margin nature of its software‑centric and subscription mix even as it navigates product‐side turbulence and rising costs.</p>
<div class="lb-trans"><p>毛利保持异常强劲，毛利润上升至 5.86 亿美元。公司维持 88% 的毛利率，强调其软件导向和订阅组合的高毛利特性，即使在应对产品方面的动荡和成本上升时。</p>
</div><h2>Strategic leadership and AI investments</h2>
<div class="lb-trans"><h2>战略领导力和人工智能投资</h2>
</div><p>Management emphasized recent leadership hires, including a new chief revenue officer and a general manager focused on AI security, to sharpen execution. Alongside organizational changes, Check Point is rolling out initiatives like an AI Defense Plan and AI Factory Security Blueprint, plus deepening a major cloud partnership while funding foundational AI models and related R&amp;D.</p>
<div class="lb-trans"><p>管理层强调了最近的领导层招聘，包括一位新的首席营收官和一位专注于人工智能安全的总经理，以提升执行力。除了组织变革，Check Point 正在推出 AI 防御计划和 AI 工厂安全蓝图等举措，同时加深与主要云合作伙伴的关系，并资助基础 AI 模型及相关研发。</p>
</div><h2>Product revenue weakness</h2>
<div class="lb-trans"><h2>产品收入疲软</h2>
</div><p>The quarter’s main blemish came from weaker product revenues, particularly firewall appliances, which lagged internal expectations. Management attributed the shortfall to near‑term disruption rather than fading demand, and argued that the impact should diminish as the revamped go‑to‑market model beds in.</p>
<div class="lb-trans"><p>本季度的主要瑕疵来自于产品收入疲软，特别是防火墙设备，未能达到内部预期。管理层将这一短缺归因于短期的干扰，而非需求减弱，并认为随着重新设计的市场推广模式的落实，影响应会减小。</p>
</div><h2>Go-to-market transition caused sales disruption</h2>
<div class="lb-trans"><h2>市场推广转型导致销售干扰</h2>
</div><p>A sweeping go‑to‑market overhaul, including reassigning account managers and changing leadership roles, created execution friction across the sales force. These internal shifts slowed new‑business funnel creation, especially for longer‑cycle firewall deals, and contributed directly to the softer hardware performance.</p>
<div class="lb-trans"><p>全面的市场推广改革，包括重新分配客户经理和改变领导角色，导致销售团队执行出现摩擦。这些内部变动减缓了新业务渠道的创建，尤其是对于周期较长的防火墙交易，并直接导致硬件表现疲软。</p>
</div><h2>Calculated billings decline</h2>
<div class="lb-trans"><h2>计算账单下降</h2>
</div><p>Calculated billings edged down 1% year over year to $548 million, signaling some near‑term drag on growth metrics. However, current calculated billings still grew 2%, giving management confidence that underlying momentum remains intact as sales cycles normalize and the new sales structure stabilizes.</p>
<div class="lb-trans"><p>计算账单同比下降 1% 至 5.48 亿美元，显示出近期对增长指标的拖累。然而，目前的计算账单仍增长 2%，使管理层对潜在的增长动能保持信心，因为销售周期正常化，新销售结构稳定。</p>
</div><h2>Near-term revenue guidance adjustment</h2>
<div class="lb-trans"><h2>短期收入指导调整</h2>
</div><p>Reflecting appliance headwinds, the company trimmed full‑year revenue expectations to a range of $2.770 billion to $2.850 billion, warning of a steeper product decline in the second quarter. Management nevertheless reiterated that they expect product trends to recover in the back half of the year, with subscriptions continuing to underpin overall growth.</p>
<div class="lb-trans"><p>鉴于设备面临的压力，公司将全年收入预期下调至 27.70 亿至 28.50 亿美元的区间，并警告第二季度产品收入将出现更大幅度的下降。管理层仍重申，他们预计产品趋势将在下半年恢复，订阅将继续支撑整体增长。</p>
</div><h2>Rising component costs</h2>
<div class="lb-trans"><h2>组件成本上升</h2>
</div><p>Cost inflation is another watchpoint, as management noted continued increases in memory pricing that weigh on hardware economics. They said these pressures were factored into the updated product revenue outlook and acknowledged that sustained cost escalation could compress product margins if not offset by pricing or mix.</p>
<div class="lb-trans"><p>成本通胀是另一个关注点，管理层指出内存价格持续上涨，影响硬件经济。他们表示这些压力已被纳入更新的产品收入展望，并承认如果不通过定价或产品组合来抵消，持续的成本上升可能会压缩产品利润率。</p>
</div><h2>Operating expense pressure</h2>
<div class="lb-trans"><h2>运营费用压力</h2>
</div><p>Operating expenses also climbed, reflecting heavier investment in people and growth initiatives, with OpEx excluding R&amp;D grants up 14% and 12% in constant currency. Net of grants, operating expenses reached $321 million, up 5%, as the company spends on AI and security R&amp;D along with more aggressive sales and marketing.</p>
<div class="lb-trans"><p>运营费用也有所上升，反映出对人员和增长计划的更大投资，剔除研发补助的运营费用增长 14%，在固定汇率下增长 12%。扣除补助后，运营费用达到 3.21 亿美元，增长 5%，公司在人工智能和安全研发以及更积极的销售和市场营销上进行了支出。</p>
</div><h2>AI security revenue still nascent</h2>
<div class="lb-trans"><h2>人工智能安全收入仍处于初期阶段</h2>
</div><p>While the AI security pipeline is expanding and customer interest rising, management cautioned that revenue contributions from AI‑specific offerings will take time. They guided investors to view AI security as a more material standalone revenue stream closer to 2027, rather than expecting a dramatic shift as soon as next year.</p>
<div class="lb-trans"><p>尽管人工智能安全管道正在扩展，客户兴趣上升，但管理层警告称，来自人工智能特定产品的收入贡献需要时间。他们指导投资者将人工智能安全视为到 2027 年更为重要的独立收入来源，而不是期待明年就会有戏剧性的转变。</p>
</div><h2>Forward-looking guidance and outlook</h2>
<div class="lb-trans"><h2>前瞻性指引和展望</h2>
</div><p>For the second quarter, Check Point forecast revenue between $660 million and $690 million, with subscription revenue of $328 million to $338 million and non‑GAAP EPS of $2.40 to $2.50. Full‑year guidance keeps subscription revenue, non‑GAAP EPS of $10.05 to $10.85 and adjusted free cash flow targets intact, positioning current headwinds as transitional while emerging products and subscriptions carry the growth story.</p>
<div class="lb-trans"><p>在第二季度，Check Point 预测收入将在 6.6 亿美元到 6.9 亿美元之间，订阅收入为 3.28 亿美元到 3.38 亿美元，非 GAAP 每股收益为 2.40 美元到 2.50 美元。全年指引保持订阅收入、非 GAAP 每股收益在 10.05 美元到 10.85 美元之间，并保持调整后的自由现金流目标不变，将当前的逆风视为过渡性，同时新兴产品和订阅推动增长故事。</p>
</div><p>Check Point’s earnings call painted the picture of a company absorbing self‑inflicted short‑term pain to retool for longer‑term growth in a rapidly evolving security landscape. Investors will watch closely whether appliance sales recover as promised, but for now the combination of high margins, strong cash flow and accelerating subscriptions keeps the long‑term narrative intact, albeit with a bumpier near‑term road.</p>
<div class="lb-trans"><p>Check Point 的财报电话会议描绘了一幅公司为了在快速发展的安全环境中进行长期增长而承受自我造成的短期痛苦的画面。投资者将密切关注设备销售是否如承诺的那样恢复，但目前高利润、强现金流和加速的订阅组合保持了长期叙事的完整性，尽管短期道路较为坎坷。</p>
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Check Point 软件在保持利润率优势的同时平衡 GTM 的挑战