“Revenues for the year are expected to be between $2.34 billion to $2.510 billion, and non-GAAP EPS ranges between $7.70 to $8.30.”

In context

“Gil Shwed (CEO): Thank you, Kip. Thank you, Roei. That was a very good update on the financial side. On the business side, I'd like to reiterate some of the messages and provide additional insights into the technology trends we observe. The need for cybersecurity remains high, with growing numbers and sophistication of attacks. I'm very proud of our financial results. Our revenues were above the midpoint and 15% EPS growth is exceptional. We also had a healthy business in renewals, indicating that our customers are loyal. However, we continue to operate in a challenging economy. We've seen the impact of this economy on our business with extended sales cycles and postponed projects. Roei mentioned the decline in new product sales, but we still have double-digit growth in CloudGuard and Harmony E-mail, with 140% growth in Infinity revenues, and 13% growth in all security subscriptions. I am proud that we have reached over 80% recurring revenues. This progression is driven by significant initiatives and technologies we are delivering each quarter. Now let me highlight some of the things we launched in the first quarter. First, Infinity Global Services. We all understand that customers want better security. There is a huge skills shortage in the cybersecurity market. Our partners and customers have expertise but often lack full capabilities. With Infinity Global Services, we aim to augment the needs of customers at any stage, whether it's security assessment, optimizing the security environment, training, or managed security services. The security services market is $75 billion. We're not aiming to be a giant player, but we will participate and help our customers realize value from security technology. Similarly, we've launched a new family for Horizon, focusing on the rapidly growing sub-$1 billion market of Security Operations Centers with XDR/XPR. Our approach incorporates prevention and response to all types of security events. By leveraging AI, we turn incidents into automatic prevention quickly. I want to emphasize our unique integrated approach, enabling access to a CISO and Security Operations Center for tremendous customer value. Lastly, the CloudGuard family has expanded with CNAPP, combining six technologies into one solution for cloud security. This multi-billion dollar market is fragmented, and our solution allows customers to consolidate various devices for improved security. Our 3C strategy focuses on making security comprehensive, consolidated, and collaborative, emphasizing how the entire architecture works together. The excellent quarterly results demonstrate the strength of our products, even in slowdowns, and I look forward to sharing our projections. Revenues for the year are expected to be between $2.34 billion to $2.510 billion, and non-GAAP EPS ranges between $7.70 to $8.30. We've also provided the projected range for the second quarter: revenues expected to be between $570 million to $605 million, with non-GAAP EPS expected to be between $1.85 to $1.95. Now I'll open the call for your questions.”