Check Point® Software Technologies Ltd. (NASDAQ:CHKP), today
announced its financial results for the fourth quarter and full
year ended December 31, 2016.
Fourth Quarter 2016:
- Total Revenue: $487 million, a 6 percent increase year over
year
- Software Blades Subscriptions Revenues: $110 million, a 26
percent increase year over year
- GAAP Operating Income: $241 million, representing 50 percent of
revenues
- Non-GAAP Operating Income: $266 million, representing 55
percent of revenues
- GAAP EPS: $1.31, a 21 percent increase year over year
- Non-GAAP EPS: $1.46, a 21 percent increase year over year
- Deferred Revenues: $1,066 million, an 18 percent increase year
over year
Full Year 2016:
- Total Revenue: $1,741 million, a 7 percent increase year over
year
- Software Blades Subscriptions Revenues: $390 million, a 22
percent increase year over year
- GAAP Operating Income: $852 million, representing 49 percent of
revenues
- Non-GAAP Operating Income: $948 million, representing 54
percent of revenues
- GAAP EPS: $4.18, a 12 percent increase year over year
- Non-GAAP EPS: $4.72, a 13 percent increase year over year
“We had a great finish to 2016 with healthy business growth in
all geographies and a nice increase in new customer wins. We
realized triple digit growth across our focus areas of mobile and
advanced threat prevention, while security gateways delivered
double digit growth,” said Gil Shwed, founder and chief executive
officer, “It’s great to see the business investments made over the
past few years coming to fruition and underscoring a strong
quarter.”
Financial Highlights for the Fourth Quarter of
2016:
- Total Revenue: $487 million compared to $458
million in the fourth quarter of 2015.
- GAAP Operating Income: $241 million compared
to $239 million in the fourth quarter of 2015.
- Non-GAAP Operating Income: $266 million
compared to $262 million in the fourth quarter of 2015.
- GAAP Taxes on Income: $30 million
compared to $54 million the fourth quarter of 2015.
- GAAP Net Income and Earnings per Diluted
Share: GAAP net income was $222 million compared to $195
million in the fourth quarter of 2015. GAAP earnings per diluted
share were $1.31 compared to $1.08 in the fourth quarter of
2015.
- Non-GAAP Net Income: Non-GAAP net income was
$247 million compared to $216 million in the fourth quarter of
2015.
- Non-GAAP Earnings per Diluted
Share: $1.46 compared to $1.20 in the fourth
quarter of 2015.
- Deferred Revenues: As of December 31, 2016,
deferred revenues were $1,066 million compared to $906 million as
of December 31, 2015.
- Cash Flow: Cash flow from operations of $183
million compared to $212 million in the fourth quarter of
2015.
- Share Repurchase Program: During the Fourth
quarter of 2016, the company repurchased 3 million shares at a
total cost of $248 million.
- Cash Balances, Marketable Securities and Short Term
Deposits: $3,669 million as of December 31, 2016, compared
to $3,615 million as of December 31, 2015.
Financial Highlights for the Year Ended December 31,
2016
- Total Revenues: $1,741 million compared to
$1,630 million in 2015.
- GAAP Operating Income: $852 million compared
to $840 million in 2015.
- Non-GAAP Operating Income: $948 million
compared to $927 million in 2015.
- GAAP Taxes on Income: $172 million compared to
$188 million in 2015.
- GAAP Net Income and Earnings per Diluted
Share: GAAP net income was $725 million compared to $686
million in 2015. GAAP earnings per diluted share were $4.18
compared to $3.74 in 2015.
- Non-GAAP Net Income and Earnings per Diluted
Share: Non-GAAP net income was $818 million compared to
$766 million in 2015. Non-GAAP earnings per diluted share were
$4.72 compared to $4.17 in 2015.
- Cash Flow: Cash flow from operations of $923
million compared to $917 million in 2015.
- Share Repurchase Program: In 2016, the company
repurchased approximately 12 million shares at a total cost of $988
million.
For information regarding the non-GAAP financial measures
discussed in this release, as well as a reconciliation of such
non-GAAP financial measures to the most directly comparable GAAP
financial measures, please see “Use of Non-GAAP Financial
Information” and “Reconciliation of GAAP to Non-GAAP Financial
Information.”
2016 Business Highlights
January – New Data Center & Enterprise
Security Gateway Series (15000 & 23000), delivering advanced
threat prevention at high speeds.
February – SandBlast Agent, expanding the
company’s advanced security and zero-day protection technology to
PC endpoint devices.
February – Small Business Security Gateway (700
series), bringing Check Point enterprise-grade security technology
to companies with less than 100 employees.
February – Check Point and IBM Partnership
announced an expanding alliance that includes threat intelligence
sharing.
March – Next Generation Security Management
(R80), building on Check Point’s best-in-class technology to offer
IT leaders the ability to consolidate security environments, with
unified security policies and automation of security tasks.
April – New Branch Office, Small & Midsize
Enterprise Security Gateways (1400, 3000, and 5000), delivering
advanced threat prevention technology at the fastest speeds.
May – SandBlast Cloud, delivering Check Point’s
advanced threat prevention solutions to Microsoft Office 365 cloud
service.
August – SandBlast Agent for Browsers,
providing browser level protection against downloading malicious
files and breakthrough technology against data theft and phishing
sites.
September – Expanded cloud security offering to
the Cisco ACI environment.
November – Amazon Cloud certification for Check
Point vSEC solution providing advanced threat prevention in the
Amazon AWS Cloud.
December – No More Ransom (NMR) Check Point has
joined the global project, to contribute our expertise to help
develop new solutions and offer new possibilities to the victims of
ransomware. Members include enforcement agencies from 22 countries
across Europe, as well as The European Commission and cybersecurity
specialist companies.
Industry Accolades: Check Point Technology
Leadership in 2016
Gartner Leader Enterprise Network Firewall
Market Quadrant 2016 (17th year in a row) Leader Unified Threat
Management Magic Quadrant 2016 (5th year in a row) Only vendor to
be a Magic Quadrant Leader for both market segments
NSS LabsRecommended in Next Generation Firewall
Test 2016Recommended in Breach Detection Systems Test
2016Recommended in Intrusion Prevention Systems Test 201613th
consecutive NSS Labs win, only vendor with 100% Recommended ratings
from NSS Labs
Forrester: Leader in the Forrester Automated
Malware Analysts Wave
Common Criteria Certification: Check Point was
awarded Common Criteria (CC) certification for R77.30, following a
rigorous third-party evaluation and testing process.
CRN Channel Chief
Award: Check Point President, Amnon
Bar-Lev, was named one of CRN’s 2015 Channel Chiefs for the 9th
year in a row.
Our security research organization has also continued to
expose vulnerabilities in today’s internet infrastructure, which
included critical vulnerabilities in mobile equipment and
applications, such as:
2016 Security Report – Check Point researchers
analyzed the activity of more than 31,000 Check Point gateways
worldwide, revealing specific details on the challenges enterprises
are encountering with unknown malware, attack trends, and the
impact of having more mobile devices in the enterprise.
Gooligan – Check Point revealed over one million Google accounts
were compromised. This began with Android malware that roots
Android devices and steals email addresses and authentication
tokens stored on them. With this information, attackers can access
users’ sensitive data from Gmail, Google Photos, Google Docs,
Google Play, Google Drive, and G Suite.
SideStepper – A vulnerability that can be
used to install malicious enterprise apps on iPhone and iPad
devices enrolled with a mobile device management (MDM)
solution.
EZCast Vulnerability – HDMI dongle-based
TV streamer that converts non-connected TVs into smart TVs allowing
hacker’s ability to gain unauthorized access to an EZCast
subscriber’s home network.
HummingBad – Malware to control 10 million mobile devices
globally allowing hackers to manipulate the devices into
downloading apps and clicking on advertisements to benefit the
coalition of developers behind the malware.
Viking Horde – Android malware campaign on Google Play that
conducts ad fraud, but can also be used for other attack purposes
such as DDoS attacks, spam messages and more.
Nuclear Exploit Kit – One of the world’s largest attack
infrastructures used in the Malware-as-a-Service industry which
facilitate the delivery of various types of malware such as
ransomware and banking Trojans.
Cerber – Check Point researchers had
unprecedented behind-the-scenes insight into one of the largest
active ransomware campaigns.
QuadRooter – A set of four
vulnerabilities in QualComm chipset drivers making at least 900
million Android smartphones and tablets vulnerable for hackers to
gain complete control of devices and unrestricted access to the
sensitive personal and enterprise data on them.
ImageGate – A new attack vector which embeds malware in image
and graphic files that are sent in social networks such as
Facebook.
DressCode – Android malware discovered on Google Play which was
embedded into more than 40 apps, and found in more than 400
additional apps on third party app stores. Between 500,000 and
2,000,000 users downloaded the malicious apps from Google Play.
“2016 was a great year for Check Point. We continued to
expand on our industry-leading security platform with the
introduction of new and innovative security solutions for the
cloud, mobile and advanced threat prevention. In addition, we
introduced a complete refresh of our security gateways products
enabling customers to deploy increasing layers of security to
address the escalating number of cyberattacks. As we move
into 2017, we continue to focus on providing customers with an
industry-leading security platform designed to prevent cyber
threats from penetrating the business environment,” concluded
Shwed.
First Quarter 2017 Investor Conference Participation
Schedule:
- Goldman Sachs Technology & Internet Conference
2017 February 16, 2017 –San Francisco, CA
- JMP Securities 2017 Technology Conference
February 27, 2017 –San Francisco, CA
- Raymond James 38th Annual Institutional Investor
Conference March 6, 2017 – Orlando, FL
- Susquehanna 6th Annual Semi & Technology
Conference* March 9, 2017 – New York, NY
* Investor meetings only
Members of Check Point's management team are expected to present
at these conferences and discuss the latest company strategies and
initiatives. Check Point’s conference presentations are expected to
be available via webcast on the company's web site. To view these
presentations and access the most updated information please visit
the company's web site at www.checkpoint.com/ir. The schedule is
subject to change.
Conference Call and Webcast Information Check
Point will host a conference call with the investment community on
January 19, 2017, at 8:30 AM ET/5:30 AM PT. To listen to the live
webcast, please visit the website at: www.checkpoint.com/ir. A
replay of the conference call will be available through January 26,
2017 on the company's website or by telephone at +1.201.612.7415,
replay ID number 13652946.
About Check Point Software Technologies
Ltd.Check Point Software Technologies Ltd.
(www.checkpoint.com) is the largest network cyber security vendor
globally, providing industry-leading solutions and protecting
customers from cyberattacks with an unmatched catch rate of malware
and other types of threats. Check Point offers a complete security
architecture defending enterprises – from networks to mobile
devices – in addition to the most comprehensive and intuitive
security management. Check Point protects over 100,000
organizations of all sizes.
©2017 Check Point Software Technologies Ltd. All rights
reserved
Legal Notice Regarding Forward-Looking
StatementsThis press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of
1934. Forward-looking statements generally relate to
future events or our future financial or operating
performance. Forward-looking statements in this press release
include, but are not limited to, statements related to our
expectations regarding our products and solutions, our continued
focus on providing customers with an industry leading security
platform designed to prevent cyber security attacks on their
evolving infrastructure and our participation in investor
conferences during the first quarter of 2017. Our
expectations and beliefs regarding these matters may not
materialize, and actual results or events in the future are subject
to risks and uncertainties that could cause actual results or
events to differ materially from those projected. These risks
include 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, economic and business
conditions. The forward-looking statements contained in
this press release are also 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 on April 28, 2016. The forward-looking statements
in this press release are based on information available to
Check Point as of the date hereof, and Check Point disclaims any
obligation to update any forward-looking statements, except as
required by law.
Use of Non-GAAP Financial Information In
addition to reporting financial results in accordance with
generally accepted accounting principles, or GAAP, Check Point uses
non-GAAP measures of operating income, net income and earnings per
diluted share, which are adjustments from results based on GAAP to
exclude, as applicable, stock-based compensation charges,
amortization of intangible assets and acquisition related expenses
and the related tax affects. Check Point’s management believes the
non-GAAP financial information provided in this release is useful
to investors’ understanding and assessment of Check Point’s ongoing
core operations and prospects for the future. Historically, Check
Point has also publicly presented these supplemental non-GAAP
financial measures in order to assist the investment community to
see the Company “through the eyes of management,” and thereby
enhance understanding of its operating performance. The
presentation of this non-GAAP financial information is not intended
to be considered in isolation or as a substitute for results
prepared in accordance with GAAP. A reconciliation of the non-GAAP
financial measures discussed in this press release to the most
directly comparable GAAP financial measures is included with the
financial statements contained in this press release. Management
uses both GAAP and non-GAAP information in evaluating and operating
business internally and as such has determined that it is important
to provide this information to investors.
|
CHECK POINT SOFTWARE TECHNOLOGIES
LTD. |
CONSOLIDATED STATEMENT OF INCOME |
|
(In thousands, except per share amounts) |
|
|
Three Months Ended |
|
Year Ended |
|
December 31, |
|
December 31, |
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(audited) |
Revenues: |
|
|
|
|
|
|
|
Products
and licenses |
$ |
177,055 |
|
$ |
173,993 |
|
$ |
572,964 |
|
$ |
555,792 |
Software
Blades subscriptions |
|
110,482 |
|
|
88,026 |
|
|
389,885 |
|
|
318,624 |
Total revenues from
products and software blades |
|
287,537 |
|
|
262,019 |
|
|
962,849 |
|
|
874,416 |
|
|
|
|
|
|
|
|
|
|
|
|
Software
updates and maintenance |
|
199,170 |
|
|
196,053 |
|
|
778,452 |
|
|
755,422 |
Total revenues |
|
486,707 |
|
|
458,072 |
|
|
1,741,301 |
|
|
1,629,838 |
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
Cost of
products and licenses |
|
32,559 |
|
|
31,825 |
|
|
105,967 |
|
|
101,158 |
Cost of
software blades subscriptions |
|
4,146 |
|
|
1,961 |
|
|
10,841 |
|
|
7,623 |
Total cost of products
and software blades |
|
36,705 |
|
|
33,786 |
|
|
116,808 |
|
|
108,781 |
Cost of
Software updates and maintenance |
|
21,475 |
|
|
20,388 |
|
|
83,011 |
|
|
78,468 |
Amortization of technology |
|
546 |
|
|
546 |
|
|
2,184 |
|
|
1,808 |
Total cost of
revenues |
|
58,726 |
|
|
54,720 |
|
|
202,003 |
|
|
189,057 |
|
|
|
|
|
|
|
|
Research
and development |
|
47,741 |
|
|
40,030 |
|
|
178,372 |
|
|
149,279 |
Selling
and marketing |
|
116,824 |
|
|
101,198 |
|
|
420,526 |
|
|
359,804 |
General
and administrative |
|
22,006 |
|
|
23,134 |
|
|
88,130 |
|
|
91,981 |
Total operating
expenses |
|
245,297 |
|
|
219,082 |
|
|
889,031 |
|
|
790,121 |
|
|
|
|
|
|
|
|
Operating income |
|
241,410 |
|
|
238,990 |
|
|
852,270 |
|
|
839,717 |
Financial income,
net |
|
10,494 |
|
|
9,168 |
|
|
44,402 |
|
|
34,073 |
Income before taxes on
income |
|
251,904 |
|
|
248,158 |
|
|
896,672 |
|
|
873,790 |
Taxes on income |
|
29,950 |
|
|
53,554 |
|
|
171,825 |
|
|
187,924 |
Net income |
$ |
221,954 |
|
$ |
194,604 |
|
$ |
724,847 |
|
$ |
685,866 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share |
$ |
1.33 |
|
$ |
1.11 |
|
$ |
4.26 |
|
$ |
3.83 |
Number of shares used
in computing basic earnings per share |
|
167,220 |
|
|
175,907 |
|
|
170,155 |
|
|
179,218 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share |
$ |
1.31 |
|
$ |
1.08 |
|
$ |
4.18 |
|
$ |
3.74 |
Number of shares used
in computing diluted earnings per share |
|
169,557 |
|
|
179,975 |
|
|
173,296 |
|
|
183,619 |
|
CHECK POINT SOFTWARE TECHNOLOGIES
LTD. |
RECONCILIATION OF GAAP TO NON GAAP FINANCIAL
INFORMATION |
|
(In thousands, except per share amounts) |
|
|
|
Three Months Ended |
|
Year Ended |
|
|
December 31, |
|
December 31, |
|
|
|
2016 |
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
GAAP operating
income |
|
$ |
241,410 |
|
$ |
238,990 |
|
|
$ |
852,270 |
|
|
$ |
839,717 |
|
Stock-based
compensation (1) |
|
|
21,698 |
|
|
19,768 |
|
|
|
82,732 |
|
|
|
76,302 |
|
Amortization of
intangible assets and acquisition related expenses (2) |
|
|
3,272 |
|
|
3,309 |
|
|
|
13,130 |
|
|
|
11,221 |
|
Non-GAAP operating
income |
|
$ |
266,380 |
|
$ |
262,067 |
|
|
$ |
948,132 |
|
|
$ |
927,240 |
|
|
|
|
|
|
|
|
|
|
GAAP net income |
|
$ |
221,954 |
|
$ |
194,604 |
|
|
$ |
724,847 |
|
|
$ |
685,866 |
|
Stock-based
compensation (1) |
|
|
21,698 |
|
|
19,768 |
|
|
|
82,732 |
|
|
|
76,302 |
|
Amortization of
intangible assets and acquisition related expenses (2) |
|
|
3,272 |
|
|
3,309 |
|
|
|
13,130 |
|
|
|
11,221 |
|
Taxes on the above
items (3) |
|
|
273 |
|
|
(1,682 |
) |
|
|
(2,467 |
) |
|
|
(7,186 |
) |
Non-GAAP net
income |
|
$ |
247,197 |
|
$ |
215,999 |
|
|
$ |
818,242 |
|
|
$ |
766,203 |
|
|
|
|
|
|
|
|
|
|
Diluted GAAP Earnings
per share |
|
$ |
1.31 |
|
$ |
1.08 |
|
|
$ |
4.18 |
|
|
$ |
3.74 |
|
Stock-based
compensation (1) |
|
|
0.13 |
|
|
0.11 |
|
|
|
0.48 |
|
|
|
0.41 |
|
Amortization of
intangible assets and acquisition related expenses (2) |
|
|
0.02 |
|
|
0.02 |
|
|
|
0.07 |
|
|
|
0.06 |
|
Taxes on the above
items (3) |
|
|
- |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(0.04 |
) |
Diluted Non-GAAP
Earnings per share |
|
$ |
1.46 |
|
$ |
1.20 |
|
|
$ |
4.72 |
|
|
$ |
4.17 |
|
|
|
|
|
|
|
|
|
|
Number of shares used
in computing diluted Non-GAAP earnings per share |
|
|
169,557 |
|
|
179,975 |
|
|
|
173,296 |
|
|
|
183,619 |
|
|
|
|
|
|
|
|
|
|
(1) Stock-based
compensation: |
|
|
|
|
|
|
|
|
Cost of
products and licenses |
|
$ |
16 |
|
$ |
18 |
|
|
$ |
66 |
|
|
$ |
65 |
|
Cost of
software updates and maintenance |
|
|
552 |
|
|
410 |
|
|
|
2,087 |
|
|
|
1,520 |
|
Research
and development |
|
|
3,427 |
|
|
3,008 |
|
|
|
12,718 |
|
|
|
11,544 |
|
Selling
and marketing |
|
|
5,857 |
|
|
4,238 |
|
|
|
19,168 |
|
|
|
16,351 |
|
General
and administrative |
|
|
11,846 |
|
|
12,094 |
|
|
|
48,693 |
|
|
|
46,822 |
|
|
|
|
21,698 |
|
|
19,768 |
|
|
|
82,732 |
|
|
|
76,302 |
|
|
|
|
|
|
|
|
|
|
(2) Amortization of
intangible assets and acquisition related expenses: |
|
|
|
|
|
|
|
|
Amortization of technology-cost of revenues |
|
|
546 |
|
|
546 |
|
|
|
2,184 |
|
|
|
1,808 |
|
Research
and development |
|
|
1,897 |
|
|
1,897 |
|
|
|
7,588 |
|
|
|
6,146 |
|
Selling
and marketing |
|
|
829 |
|
|
866 |
|
|
|
3,358 |
|
|
|
3,267 |
|
|
|
|
3,272 |
|
|
3,309 |
|
|
|
13,130 |
|
|
|
11,221 |
|
(3) Taxes on the above
items |
|
|
273 |
|
|
(1,682 |
) |
|
|
(2,467 |
) |
|
|
(7,186 |
) |
Total, net |
|
$ |
25,243 |
|
$ |
21,395 |
|
|
$ |
93,395 |
|
|
$ |
80,337 |
|
CHECK POINT SOFTWARE TECHNOLOGIES
LTD. |
CONDENSED CONSOLIDATED BALANCE SHEET
DATA |
|
(In thousands) |
|
ASSETS |
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
2016 |
|
|
2015 |
|
|
|
(unaudited) |
|
(audited) |
Current
assets: |
|
|
|
|
|
Cash and
cash equivalents |
|
|
$ |
187,428 |
|
$ |
192,312 |
Marketable
securities and short-term deposits |
|
|
|
1,185,499 |
|
|
1,091,915 |
Trade
receivables, net |
|
|
|
478,507 |
|
|
410,763 |
Prepaid expenses and
other current assets |
|
|
|
41,021 |
|
|
40,844 |
Total
current assets |
|
|
|
1,892,455 |
|
|
1,735,834 |
|
|
|
|
|
|
Long-term
assets: |
|
|
|
|
|
Marketable
securities |
|
|
|
2,296,097 |
|
|
2,331,187 |
Property
and equipment, net |
|
|
|
61,859 |
|
|
48,692 |
Severance
pay fund |
|
|
|
4,617 |
|
|
5,262 |
Deferred
tax asset, net |
|
|
|
94,608 |
|
|
65,711 |
Goodwill
and other intangible assets, net |
|
|
|
834,167 |
|
|
838,020 |
Other
assets |
|
|
|
33,833 |
|
|
45,174 |
Total
long-term assets |
|
|
|
3,325,181 |
|
|
3,334,046 |
|
|
|
|
|
|
Total
assets |
|
|
$ |
5,217,636 |
|
$ |
5,069,880 |
LIABILITIES AND |
SHAREHOLDERS’ EQUITY |
|
Current
liabilities: |
|
|
|
|
|
Deferred revenues |
|
|
$ |
814,418 |
|
|
$ |
717,528 |
|
Trade payables and
other accrued liabilities |
|
|
|
351,440 |
|
|
|
339,325 |
|
Total current
liabilities |
|
|
|
1,165,858 |
|
|
|
1,056,853 |
|
|
|
|
|
|
|
Long-term
liabilities: |
|
|
|
|
|
Long-term deferred
revenues |
|
|
|
251,166 |
|
|
|
188,255 |
|
Income tax accrual |
|
|
|
300,536 |
|
|
|
283,215 |
|
Deferred tax liability,
net |
|
|
|
- |
|
|
|
240 |
|
Accrued severance
pay |
|
|
|
8,953 |
|
|
|
9,451 |
|
|
|
|
|
560,655 |
|
|
|
481,161 |
|
|
|
|
|
|
|
Total liabilities |
|
|
|
1,726,513 |
|
|
|
1,538,014 |
|
|
|
|
|
|
|
Shareholders’
equity: |
|
|
|
|
|
Share capital |
|
|
|
774 |
|
|
|
774 |
|
Additional paid-in
capital |
|
|
|
1,139,642 |
|
|
|
987,331 |
|
Treasury shares at
cost |
|
|
|
(4,956,172 |
) |
|
|
(4,043,271 |
) |
Accumulated other
comprehensive loss |
|
|
|
(9,250 |
) |
|
|
(4,250 |
) |
Retained earnings |
|
|
|
7,316,129 |
|
|
|
6,591,282 |
|
Total shareholders’
equity |
|
|
|
3,491,123 |
|
|
|
3,531,866 |
|
Total liabilities and
shareholders’ equity |
|
|
$ |
5,217,636 |
|
|
$ |
5,069,880 |
|
Total cash and cash
equivalents, marketable securities and short-term deposits |
|
|
$ |
3,669,024 |
|
|
$ |
3,615,414 |
|
|
CHECK POINT SOFTWARE TECHNOLOGIES
LTD. |
SELECTED CONSOLIDATED CASH FLOW
DATA |
|
(In thousands) |
|
|
Three Months Ended |
|
Year Ended |
|
December 31, |
|
December 31, |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
Cash flow from
operating activities: |
|
|
|
|
|
|
|
Net income |
$ |
221,954 |
|
|
$ |
194,604 |
|
|
$ |
724,847 |
|
|
$ |
685,866 |
|
Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
|
|
|
|
Depreciation of
property and equipment |
|
2,391 |
|
|
|
2,817 |
|
|
|
10,883 |
|
|
|
10,358 |
|
Amortization of
intangible assets |
|
953 |
|
|
|
990 |
|
|
|
3,853 |
|
|
|
3,612 |
|
Stock-based
compensation |
|
21,698 |
|
|
|
19,768 |
|
|
|
82,732 |
|
|
|
76,302 |
|
Realized gain on
marketable securities |
|
(126 |
) |
|
|
(113 |
) |
|
|
(2,993 |
) |
|
|
(16 |
) |
Decrease in trade and
other receivables, net |
|
(218,044 |
) |
|
|
(188,964 |
) |
|
|
(56,510 |
) |
|
|
(64,788 |
) |
Increase in deferred
revenues, trade payables and other accrued liabilities |
|
194,691 |
|
|
|
208,911 |
|
|
|
210,904 |
|
|
|
241,009 |
|
Excess tax benefit from
stock-based compensation |
|
(9,180 |
) |
|
|
(13,303 |
) |
|
|
(17,380 |
) |
|
|
(19,376 |
) |
Deferred income taxes,
net |
|
(31,611 |
) |
|
|
(12,731 |
) |
|
|
(33,487 |
) |
|
|
(15,847 |
) |
Net cash
provided by operating activities |
|
182,726 |
|
|
|
211,979 |
|
|
|
922,849 |
|
|
|
917,120 |
|
|
|
|
|
|
|
|
|
Cash flow from
investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid in
conjunction with acquisitions, net of acquired cash |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(96,544 |
) |
Investment in property
and equipment |
|
(6,257 |
) |
|
|
(7,142 |
) |
|
|
(24,050 |
) |
|
|
(17,348 |
) |
Net cash used
in investing activities |
|
(6,257 |
) |
|
|
(7,142 |
) |
|
|
(24,050 |
) |
|
|
(113,892 |
) |
|
|
|
|
|
|
|
|
Cash flow from
financing activities: |
|
|
|
|
|
|
|
Proceeds from issuance
of shares upon exercise of options |
|
49,357 |
|
|
|
48,763 |
|
|
|
129,196 |
|
|
|
102,852 |
|
Purchase of treasury
shares |
|
(247,960 |
) |
|
|
(249,290 |
) |
|
|
(987,897 |
) |
|
|
(985,735 |
) |
Excess tax benefit from
stock-based compensation |
|
9,180 |
|
|
|
13,303 |
|
|
|
17,380 |
|
|
|
19,376 |
|
Net cash used
in financing activities |
|
(189,423 |
) |
|
|
(187,224 |
) |
|
|
(841,321 |
) |
|
|
(863,507 |
) |
|
|
|
|
|
|
|
|
Unrealized loss on
marketable securities, net |
|
(25,877 |
) |
|
|
(14,501 |
) |
|
|
(3,868 |
) |
|
|
(7,240 |
) |
|
|
|
|
|
|
|
|
Increase (decrease) in
cash and cash equivalents, marketable securities and short term
deposits |
|
(38,831 |
) |
|
|
3,112 |
|
|
|
53,610 |
|
|
|
(67,519 |
) |
|
|
|
|
|
|
|
|
Cash and cash
equivalents, marketable securities and short term deposits at the
beginning of the period |
|
3,707,855 |
|
|
|
3,612,302 |
|
|
|
3,615,414 |
|
|
|
3,682,933 |
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, marketable securities and short term deposits at the
end of the period |
$ |
3,669,024 |
|
|
$ |
3,615,414 |
|
|
$ |
3,669,024 |
|
|
$ |
3,615,414 |
|
INVESTOR CONTACT:
Kip E. Meintzer
Check Point Software Technologies
+1.650.628.2040
ir@checkpoint.com
MEDIA CONTACT:
Ali Donzanti
Check Point Software Technologies
+1.650.628.2030
press@checkpoint.com
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