Check Point Software Technologies Reports Second Quarter 2017 Financial Results
July 20 2017 - 5:00AM
Check Point® Software Technologies Ltd. (NASDAQ:CHKP) today
announced its financial results for the second quarter ended June
30, 2017.
Second Quarter 2017:
- Total Revenue: $459 million, an 8 percent increase year over
year
- Software Blades Subscriptions Revenues: $118 million, a 27
percent increase year over year
- GAAP Operating Income: $222 million, representing 48 percent of
revenues
- Non-GAAP Operating Income: $248 million, representing 54
percent of revenues
- GAAP EPS: $1.12, an 18 percent increase year over year
- Non-GAAP EPS: $1.26, a 16 percent increase year over year
- Deferred Revenues: $1,065 million, a 19 percent increase year
over year
“We posted strong second quarter results. Revenue growth
was healthy and earnings per share growth of sixteen percent
exceeded the high-end of our projections,” said Gil Shwed, founder
and chief executive officer of Check Point Software Technologies,
“The major attacks that occurred during the last few months have
demonstrated the need for a different approach to cyber
security. We believe focusing on prevention, sharing
real-time attack information and consolidation of the security
infrastructure can stop the next attack. Check Point
Infinity, launched last quarter, provides consolidated security
architecture across networks, cloud and mobile, delivering our
highest level of threat prevention.” Financial
Highlights for the Second Quarter of 2017:
- Total Revenue: $459 million compared to $423
million in the second quarter of 2016.
- GAAP Operating Income: $222 million compared
to $202 million in the second quarter of 2016.
- Non-GAAP Operating Income: $248 million
compared to $227 million in the second quarter of 2016.
- GAAP Taxes on Income: $45 million compared to
$48 million in the second quarter of 2016.
- GAAP Net Income and Earnings per Diluted
Share: GAAP net income was $188 million compared to $166
million in the second quarter of 2016. GAAP earnings per diluted
share were $1.12 compared to $0.95 in the second quarter of
2016.
- Non-GAAP Net Income: Non-GAAP net income was
$212 million compared to $190 million in the second quarter of
2016.
- Non-GAAP Earnings per Diluted
Share: $1.26 compared to $1.09 in the second
quarter of 2016.
- Deferred Revenues: As of June 30, 2017,
deferred revenues were $1,065 million compared to $892 million as
of June 30, 2016.
- Cash Flow: Cash flow from operations of $226
million compared to $205 million in the second quarter of
2016.
- Share Repurchase Program: During the second
quarter of 2017, the company repurchased 2.3 million shares at a
total cost of $248 million.
- Cash Balances, Marketable Securities and Short Term
Deposits: $3,806 million as of June 30, 2017, compared to
$3,708 million as of June 30, 2016.
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.”
2017 Business Highlights
- Cyber Security Architecture of the Future:
Check Point Infinity is our fully consolidated cyber security
platform that is focused on preventing attacks across networks,
clouds, and mobile. This new architecture includes the widest
breadth of security solutions, all managed by a consolidated
security management system. As part of this architecture
introduction, the following key product and features have been
added or updated: - R80.10
security Gateway & Security
Management: The underlying software of Check Point
Infinity features dozens of new capabilities and enhancements,
including unique policy layers, security multi-zones and boosted
performance to keep organizations protected against threats,
anytime and anywhere. - Mobile
Threat Defense – SandBlast Product Family: SandBlast
Mobile provides a centralized security solution designed to
safeguard users against progressive mobile cyber-attacks. SandBlast
Mobile, the only mobile threat defense solution to detect and block
100% of tested threats in the Miercom MTD Industry Assessment
Report, March 2017, protects employees’ devices from malware
attacks via infected apps, man-in-the-middle attacks through
compromised Wi-Fi networks, operating system vulnerabilities, and
malicious links sent via SMS messages. -
Anti-Ransomware: Check Point’s
new Anti-Ransomware technology enables businesses to protect
against cyber extortion and sophisticated ransomware. Its
signature-less technology designed to detect unknown and zero-day
ransomware attacks through advanced behavioral analysis and by
detecting attempts to encrypt files illegitimately. Ransomware
infections are detected and quarantined automatically and if any
data was encrypted, it is automatically restored.
- World’s Fastest Threat Prevention
Platform: Launched an updated family of super-high
end security gateways, the 44000 & 64000 appliance series
deliver exceptionally fast threat prevention with 42 Gbps of
Real-World Production Threat Prevention throughput and 636 Gbps of
Real-World Production Firewall throughput. They also include
multi-bladed chassis to support the dynamic needs of growing
networks, while offering the high reliability and performance
needed for the future of cyber security.
We received the following industry accolades and announced the
following partnerships:
- Leader in the 2017 Gartner Magic Quadrant for
Enterprise Network Firewalls – The new report
evaluated the company’s “completeness of vision” and “ability to
execute” in areas such as security management and threat
prevention. Check Point has been positioned as a Leader in
Enterprise Network Firewalls Magic Quadrant since 1997.
- Leader in the 2016 Gartner Magic Quadrant for Unified
Threat Management – The new report evaluated the
company’s completeness of vision and ability to execute within the
small and mid-sized business market. Check Point has been
positioned as a Leader in Unified Threat Management Magic Quadrant
for six consecutive years.
- Check Point SandBlast Mobile Receives Miercom’s
Certified Secure Award: SandBlast Mobile received
Miercom’s Certified Secure Award in the first independent, mobile
threat defense test. The test measured the products ability to
identify, block, and respond to malicious malware, network attack
vulnerabilities, and mobile device vulnerabilities. This is
Miercom’s highest award of achievement in competitive, hands-on
testing.
- Check Point Infinity NGFW Earns NSS Recommended in Next
Generation Firewall Test: For the 14th consecutive time,
Check Point has achieved a recommended rating in the 2017 NSS Labs
Next Generation Firewall Group Test.
- Automotive Cyber Security: Check Point joined
forces with Valens as members of the HDBaseT Alliance to help
define the necessary specifications for a more secure connected
car. The alliance will drive the development of a safer,
better-equipped solution for in-vehicle connectivity and
safety.
Our security research organization has also continued to expose
vulnerabilities in today’s infrastructure, which included critical
vulnerabilities in mobile equipment and applications,
including:
- Watching a movie on your personal computer can infect
your computer: Hacked in Translation malware utilizes
subtitles as a new attack vector. Once the subtitles are infected
hackers may be able to execute malicious subtitles to target users
of popular media platforms and potentially gain complete control
over the device.
- Over 250 million computers worldwide were infected with
the Fireball malware: Check Point Threat Intelligence and
research teams discovered this high-volume Chinese threat
operation, which installed malware that takes over the target
computer’s browser and turns it into a “zombie.” Once infected,
hackers can run any code on the victim’s computer, and hijack and
manipulate the infected users’ web-traffic to generate
ad-revenue.
- 14 million Android devices infected with
CopyCat: Check Point researchers identified the mobile
malware that infected approximately 8 million Android devices, and
allowed the hackers behind the campaign to skim ad revenues.
“We’ve made important headway in enabling companies to prevent
cyber-attacks by introducing the Check Point Infinity cyber
security architecture. We will continue to focus on our
vision – the next attack can be prevented,” concluded Shwed.
Third Quarter Investor Conference Participation
Schedule:
- KeyBanc Capital Markets 19th Annual Global Technology
Leadership Forum August 7, 2017 – Vail, CO
- Oppenheimer 20th Annual Technology Conference
August 9, 2017 – Boston, MA
- Citi 2017 Global Technology Conference
September 7, 2017 – New York, NY
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
July 20, 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 July 26,
2017 on the company's website or by telephone at +1.201.612.7415,
replay ID number 13666210.
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, including the
Check Point Infinity architecture, our continued focus on enabling
companies to prevent cyber-attacks by introducing the Check Point
Infinity architecture and our participation in investor conferences
during the second 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,
2017. 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 expenses,
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 |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
Revenues: |
|
|
|
|
|
|
|
Products and
licenses |
$ |
138,288 |
|
$ |
136,248 |
|
$ |
264,614 |
|
$ |
258,978 |
Software Blades
subscriptions |
|
117,947 |
|
|
92,700 |
|
|
230,011 |
|
|
180,828 |
Total revenues from
products and software blades |
|
256,235 |
|
|
228,948 |
|
|
494,625 |
|
|
439,806 |
Software updates
and maintenance |
|
202,338 |
|
|
193,801 |
|
|
399,398 |
|
|
387,214 |
Total revenues |
|
458,573 |
|
|
422,749 |
|
|
894,023 |
|
|
827,020 |
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
Cost of
products and licenses |
|
26,207 |
|
|
25,125 |
|
|
50,093 |
|
|
48,164 |
Cost of
software blades subscriptions |
|
5,349 |
|
|
1,868 |
|
|
9,429 |
|
|
3,686 |
Total cost of products
and software blades |
|
31,556 |
|
|
26,993 |
|
|
59,522 |
|
|
51,850 |
Cost of
Software updates and maintenance |
|
21,291 |
|
|
20,559 |
|
|
42,076 |
|
|
40,165 |
Amortization of
technology |
|
546 |
|
|
546 |
|
|
1,092 |
|
|
1,092 |
Total cost of
revenues |
|
53,393 |
|
|
48,098 |
|
|
102,690 |
|
|
93,107 |
|
|
|
|
|
|
|
|
Research and
development |
|
46,368 |
|
|
43,854 |
|
|
92,460 |
|
|
86,188 |
Selling and
marketing |
|
114,681 |
|
|
107,558 |
|
|
220,868 |
|
|
199,316 |
General and
administrative |
|
22,489 |
|
|
21,088 |
|
|
45,533 |
|
|
44,037 |
Total operating
expenses |
|
236,931 |
|
|
220,598 |
|
|
461,551 |
|
|
422,648 |
|
|
|
|
|
|
|
|
Operating income |
|
221,642 |
|
|
202,151 |
|
|
432,472 |
|
|
404,372 |
Financial income,
net |
|
11,311 |
|
|
11,815 |
|
|
21,679 |
|
|
21,763 |
Income before taxes on
income |
|
232,953 |
|
|
213,966 |
|
|
454,151 |
|
|
426,135 |
Taxes on income |
|
44,591 |
|
|
48,147 |
|
|
83,238 |
|
|
92,894 |
Net income |
$ |
188,362 |
|
$ |
165,819 |
|
$ |
370,913 |
|
$ |
333,241 |
Basic earnings
per share |
$ |
1.15 |
|
$ |
0.97 |
|
$ |
2.26 |
|
$ |
1.94 |
Number of shares used
in computing basic earnings per share |
|
163,328 |
|
|
170,942 |
|
|
164,197 |
|
|
172,169 |
Diluted earnings per
share |
$ |
1.12 |
|
$ |
0.95 |
|
$ |
2.21 |
|
$ |
1.89 |
Number of shares used
in computing diluted earnings per share |
|
167,685 |
|
|
174,816 |
|
|
168,090 |
|
|
175,898 |
CHECK POINT SOFTWARE TECHNOLOGIES
LTD.RECONCILIATION OF GAAP TO NON GAAP FINANCIAL
INFORMATION(In thousands, except per share amounts) |
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
GAAP operating
income |
|
$ |
221,642 |
|
|
$ |
202,151 |
|
|
$ |
432,472 |
|
|
$ |
404,372 |
|
Stock-based
compensation (1) |
|
|
23,378 |
|
|
|
21,999 |
|
|
|
42,453 |
|
|
|
40,216 |
|
Amortization of
intangible assets and acquisition related expenses (2) |
|
|
3,259 |
|
|
|
3,282 |
|
|
|
6,518 |
|
|
|
6,576 |
|
Non-GAAP operating
income |
|
$ |
248,279 |
|
|
$ |
227,432 |
|
|
$ |
481,443 |
|
|
$ |
451,164 |
|
|
|
|
|
|
|
|
|
|
GAAP net income |
|
$ |
188,362 |
|
|
$ |
165,819 |
|
|
$ |
370,913 |
|
|
$ |
333,241 |
|
Stock-based
compensation (1) |
|
|
23,378 |
|
|
|
21,999 |
|
|
|
42,453 |
|
|
|
40,216 |
|
Amortization of
intangible assets and acquisition related expenses (2) |
|
|
3,259 |
|
|
|
3,282 |
|
|
|
6,518 |
|
|
|
6,576 |
|
Taxes on the above
items (3) |
|
|
(2,993 |
) |
|
|
(653 |
) |
|
|
(6,378 |
) |
|
|
(2,496 |
) |
Non-GAAP net
income |
|
$ |
212,006 |
|
|
$ |
190,447 |
|
|
$ |
413,506 |
|
|
$ |
377,537 |
|
|
|
|
|
|
|
|
|
|
Diluted GAAP Earnings
per share |
|
$ |
1.12 |
|
|
$ |
0.95 |
|
|
$ |
2.20 |
|
|
$ |
1.89 |
|
Stock-based
compensation (1) |
|
|
0.14 |
|
|
|
0.12 |
|
|
|
0.25 |
|
|
|
0.23 |
|
Amortization of
intangible assets and acquisition related expenses (2) |
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.04 |
|
|
|
0.04 |
|
Taxes on the above
items (3) |
|
|
(0.02 |
) |
|
|
- |
|
|
|
(0.03 |
) |
|
|
(0.01 |
) |
Diluted Non-GAAP
Earnings per share |
|
$ |
1.26 |
|
|
$ |
1.09 |
|
|
$ |
2.46 |
|
|
$ |
2.15 |
|
|
|
|
|
|
|
|
|
|
Number of shares used
in computing diluted Non-GAAP earnings per share |
|
|
167,685 |
|
|
|
174,816 |
|
|
|
168,090 |
|
|
|
175,898 |
|
|
|
|
|
|
|
|
|
|
(1) Stock-based
compensation: |
|
|
|
|
|
|
|
|
Cost of products
and licenses |
|
$ |
23 |
|
|
$ |
17 |
|
|
$ |
39 |
|
|
$ |
34 |
|
Cost of software
updates and maintenance |
|
|
675 |
|
|
|
554 |
|
|
|
1,232 |
|
|
|
975 |
|
Research and
development |
|
|
3,913 |
|
|
|
3,452 |
|
|
|
7,598 |
|
|
|
6,298 |
|
Selling and
marketing |
|
|
5,732 |
|
|
|
5,560 |
|
|
|
8,464 |
|
|
|
7,803 |
|
General and
administrative |
|
|
13,035 |
|
|
|
12,416 |
|
|
|
25,120 |
|
|
|
25,106 |
|
|
|
$ |
23,378 |
|
|
$ |
21,999 |
|
|
$ |
42,453 |
|
|
$ |
40,216 |
|
|
|
|
|
|
|
|
|
|
(2) Amortization of
intangible assets and acquisition related expenses: |
|
|
|
|
|
|
|
|
Amortization of
technology-cost of revenues |
|
$ |
546 |
|
|
$ |
546 |
|
|
$ |
1,092 |
|
|
$ |
1,092 |
|
Research and
development |
|
|
1,897 |
|
|
|
1,897 |
|
|
|
3,794 |
|
|
|
3,794 |
|
Selling and
marketing |
|
|
816 |
|
|
|
839 |
|
|
|
1,632 |
|
|
|
1,690 |
|
|
|
$ |
3,259 |
|
|
$ |
3,282 |
|
|
$ |
6,518 |
|
|
$ |
6,576 |
|
(3) Taxes on the
above items |
|
$ |
(2,993 |
) |
|
$ |
(653 |
) |
|
$ |
(6,378 |
) |
|
$ |
(2,496 |
) |
Total, net |
|
$ |
23,644 |
|
|
$ |
24,628 |
|
|
$ |
42,953 |
|
|
$ |
44,296 |
|
|
CHECK POINT SOFTWARE TECHNOLOGIES
LTD.CONDENSED CONSOLIDATED BALANCE SHEET
DATA(In thousands)ASSETS |
|
|
|
|
June 30, |
|
December 31, |
|
|
|
2017 |
|
2016 |
|
|
|
(unaudited) |
|
(audited) |
Current
assets: |
|
|
|
|
|
Cash and
cash equivalents |
|
|
$ |
278,937 |
|
$ |
187,428 |
Marketable
securities and short-term deposits |
|
|
|
1,320,018 |
|
|
1,185,499 |
Trade
receivables, net |
|
|
|
334,049 |
|
|
478,507 |
Prepaid expenses and
other current assets |
|
|
|
87,581 |
|
|
41,021 |
Total
current assets |
|
|
|
2,020,585 |
|
|
1,892,455 |
|
|
|
|
|
|
Long-term
assets: |
|
|
|
|
|
Marketable
securities |
|
|
|
2,207,451 |
|
|
2,296,097 |
Property
and equipment, net |
|
|
|
69,936 |
|
|
61,859 |
Severance
pay fund |
|
|
|
5,055 |
|
|
4,617 |
Deferred
tax asset, net |
|
|
|
153,656 |
|
|
94,608 |
Goodwill
and other intangible assets, net |
|
|
|
832,287 |
|
|
834,167 |
Other
assets |
|
|
|
30,414 |
|
|
33,833 |
Total
long-term assets |
|
|
|
3,298,799 |
|
|
3,325,181 |
|
|
|
|
|
|
Total
assets |
|
|
$ |
5,319,384 |
|
$ |
5,217,636 |
LIABILITIES ANDSHAREHOLDERS’
EQUITY |
Current
liabilities: |
|
|
|
|
|
Deferred revenues |
|
|
$ |
792,838 |
|
|
$ |
814,418 |
|
Trade payables and
other accrued liabilities |
|
|
|
334,759 |
|
|
|
351,440 |
|
Total current
liabilities |
|
|
|
1,127,597 |
|
|
|
1,165,858 |
|
|
|
|
|
|
|
Long-term
liabilities: |
|
|
|
|
|
Deferred revenues |
|
|
|
271,832 |
|
|
|
251,166 |
|
Income tax accrual |
|
|
|
341,717 |
|
|
|
300,536 |
|
Accrued severance
pay |
|
|
|
10,011 |
|
|
|
8,953 |
|
|
|
|
|
623,560 |
|
|
|
560,655 |
|
|
|
|
|
|
|
Total liabilities |
|
|
|
1,751,157 |
|
|
|
1,726,513 |
|
|
|
|
|
|
|
Shareholders’
equity: |
|
|
|
|
|
Share capital |
|
|
|
774 |
|
|
|
774 |
|
Additional paid-in
capital |
|
|
|
1,214,993 |
|
|
|
1,139,642 |
|
Treasury shares at
cost |
|
|
|
(5,414,515 |
) |
|
|
(4,956,172 |
) |
Accumulated other
comprehensive loss |
|
|
|
(4,050 |
) |
|
|
(9,250 |
) |
Retained earnings |
|
|
|
7,771,025 |
|
|
|
7,316,129 |
|
Total shareholders’
equity |
|
|
|
3,568,227 |
|
|
|
3,491,123 |
|
Total liabilities
and shareholders’ equity |
|
|
$ |
5,319,384 |
|
|
$ |
5,217,636 |
|
Total cash and cash
equivalents, marketable securities and short-term deposits |
|
|
$ |
3,806,406 |
|
|
$ |
3,669,024 |
|
CHECK POINT SOFTWARE TECHNOLOGIES
LTD.SELECTED CONSOLIDATED CASH FLOW
DATA(In thousands) |
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
Cash flow from
operating activities: |
|
|
|
|
|
|
|
Net income |
$ |
188,362 |
|
|
$ |
165,819 |
|
|
$ |
370,913 |
|
|
$ |
333,241 |
|
Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
|
|
|
|
Depreciation of
property and equipment |
|
3,017 |
|
|
|
2,720 |
|
|
|
5,998 |
|
|
|
5,392 |
|
Amortization of
intangible assets |
|
940 |
|
|
|
963 |
|
|
|
1,880 |
|
|
|
1,937 |
|
Stock-based
compensation |
|
23,378 |
|
|
|
21,999 |
|
|
|
42,453 |
|
|
|
40,216 |
|
Realized loss (gain) on
marketable securities |
|
68 |
|
|
|
(1,429 |
) |
|
|
143 |
|
|
|
(1,124 |
) |
Decrease (increase) in
trade and other receivables, net |
|
(49,248 |
) |
|
|
(21,635 |
) |
|
|
141,934 |
|
|
|
141,218 |
|
Increase (decrease) in
deferred revenues, trade payables and other accrued liabilities
(*) |
|
44,147 |
|
|
|
42,800 |
|
|
|
(8,606 |
) |
|
|
14,073 |
|
Excess tax benefit from
stock-based compensation |
|
- |
|
|
|
(3,683 |
) |
|
|
- |
|
|
|
(4,814 |
) |
Deferred income taxes,
net |
|
15,632 |
|
|
|
(2,528 |
) |
|
|
26,994 |
|
|
|
(1,214 |
) |
Net cash
provided by operating activities |
|
226,296 |
|
|
|
205,026 |
|
|
|
581,709 |
|
|
|
528,925 |
|
|
|
|
|
|
|
|
|
Cash flow from
investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment in property
and equipment |
|
(6,122 |
) |
|
|
(5,942 |
) |
|
|
(14,075 |
) |
|
|
(10,650 |
) |
Net cash used
in investing activities |
|
(6,122 |
) |
|
|
(5,942 |
) |
|
|
(14,075 |
) |
|
|
(10,650 |
) |
|
|
|
|
|
|
|
|
Cash flow from
financing activities: |
|
|
|
|
|
|
|
Proceeds from issuance
of shares upon exercise of options |
|
39,324 |
|
|
|
17,379 |
|
|
|
63,706 |
|
|
|
33,529 |
|
Purchase of treasury
shares |
|
(247,987 |
) |
|
|
(245,671 |
) |
|
|
(495,849 |
) |
|
|
(492,937 |
) |
Excess tax benefit from
stock-based compensation |
|
- |
|
|
|
3,683 |
|
|
|
- |
|
|
|
4,814 |
|
Payments related to
shares withheld for taxes (*) |
|
(3,855 |
) |
|
|
(2,576 |
) |
|
|
(4,064 |
) |
|
|
(2,726 |
) |
Net cash used
in financing activities |
|
(212,518 |
) |
|
|
(227,185 |
) |
|
|
(436,207 |
) |
|
|
(457,320 |
) |
|
|
|
|
|
|
|
|
Unrealized gain on
marketable securities, net |
|
1,991 |
|
|
|
6,913 |
|
|
|
5,955 |
|
|
|
31,618 |
|
|
|
|
|
|
|
|
|
Increase (decrease) in
cash and cash equivalents, marketable securities and short term
deposits |
|
9,647 |
|
|
|
(21,188 |
) |
|
|
137,382 |
|
|
|
92,573 |
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, marketable securities and short term deposits at the
beginning of the period |
|
3,796,759 |
|
|
|
3,729,175 |
|
|
|
3,669,024 |
|
|
|
3,615,414 |
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, marketable securities and short term deposits at the
end of the period |
$ |
3,806,406 |
|
|
$ |
3,707,987 |
|
|
$ |
3,806,406 |
|
|
$ |
3,707,987 |
|
(*)Payments related to shares withheld for taxes during the
three and six month periods ending June 30, 2016 were reclassified
from operating activity to financing activity following ASU 2016-09
adoption.
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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