“Same as in previous quarters, the revenues from Infinity will keep increasing and already exceeded 15% of our total revenues.”

In context

“Roei Golan (CFO): Thank you, Kip, and thank you everyone for joining the call. In the first quarter of 2025, we did see continued strong demand for our Quantum Force appliances, which drove our revenues above the midpoint of our guidance. Our revenues grew by 7% to $638 million, $4 million above the midpoint of our projections, while our non-GAAP EPS was $2.21 per diluted share, $0.03 above the midpoint of our projection and represents 9% growth year-over-year. Moving into the deferred revenues, our deferred revenues grew by 5% to $1,915 million. Our calculated billing reached $553 million, which represents 7% growth year-over-year, while our current calculated billing grew by 5% year-over-year. Let me remind you that our billing is affected by duration and payment terms and I also want to remind you about the next quarter modeling, that in the second quarter last year, we did have a benefit of approximately 2 points from upfront billing from two large multi-year deals. If we were looking at our remaining performance obligation, the RPO, the RPO grew another quarter by double-digit, 11% and reached $2,424 million. As I mentioned, we did see another strong quarter of demand from our Quantum Force appliances. Since launching these appliances at the beginning of 2024, we have seen a strong trend of demand for these new appliances, and that was the main driver for the revenue growth in this quarter and resulted in 14% growth year-over-year in the product and license revenues. Moving into Infinity, we also had another strong quarter for Infinity. We continue to flow in an accelerated way to the revenues with a strong double-digit growth year-over-year. Same as in previous quarters, the revenues from Infinity will keep increasing and already exceeded 15% of our total revenues. We can see more and more customers adopting our platform, which answers their needs under one umbrella of products and services. Regarding our Global Revenues Distribution, 45% of our revenues came from EMEA, which represents 5% growth year-over-year, 42% came from America, with 6% growth year-over-year, while the remaining 13% came from Asia-Pacific with 12% growth year-over-year. Moving into our P&L, our revenues grew by 7%, while our gross profit grew by 5% to $564 million, representing an 88% gross margin. Our operating expenses increased by 7% to $305 million. This increase was mainly due to our recent acquisition of Cyberint, that was closed at the end of Q3 last year, and the continued investment in our workforce organically during the quarter. Our non-GAAP operating income continues to be strong at $259 million or a 41% operating margin. Our net income was $246 million, representing 5% growth year-over-year, while our non-GAAP EPS grew by 9% to $2.21. Regarding our cash flow, our operating cash flow was strong this quarter with $421 million, representing 17% growth year-over-year. If we exclude the reduction in the income tax paid, the growth was 14% year-over-year. Our cash balances as of the end of the quarter were $2.9 billion. During the quarter, we continued our buyback program and purchased approximately 1.5 million shares for $325 million at an average price of $211. To summarize our financial results, revenues and EPS were above the midpoint of our projections, and we saw another quarter with strong demand for Quantum Force appliances, strong operating cash flow, and maintaining high profitability margins. Now, I'm happy to turn the call over to Nadav.”