Check Point Software Announces New CEO & Reports Strong 2024 Second Quarter Results
Check Point Software Technologies (NASDAQ: CHKP) announced strong Q2 2024 results and a new CEO appointment. Key highlights:
- Total revenues: $627 million, up 7% year-over-year
- Security Subscription Revenues: $272 million, up 14% year-over-year
- GAAP EPS: $1.74, up 3% year-over-year
- Non-GAAP EPS: $2.17, up 8% year-over-year
Nadav Zafrir, a renowned cybersecurity leader, will become CEO in December 2024. Founder Gil Shwed will transition to Executive Chairman. The company also announced a $2 billion expansion of its share repurchase program.
Check Point Software Technologies (NASDAQ: CHKP) ha annunciato risultati forti per il secondo trimestre del 2024 e la nomina di un nuovo CEO. Punti salienti:
- Ricavi totali: 627 milioni di dollari, in aumento del 7% rispetto all'anno precedente
- Ricavi da abbonamenti per la sicurezza: 272 milioni di dollari, in aumento del 14% rispetto all'anno precedente
- Utili per azione GAAP: 1,74 dollari, in aumento del 3% rispetto all'anno precedente
- Utili per azione Non-GAAP: 2,17 dollari, in aumento dell'8% rispetto all'anno precedente
Nadav Zafrir, un rinomato leader nel settore della cybersecurity, diventerà CEO a dicembre 2024. Il fondatore Gil Shwed passerà a Presidente Esecutivo. L'azienda ha anche annunciato un'espansione da 2 miliardi di dollari del suo programma di riacquisto di azioni.
Check Point Software Technologies (NASDAQ: CHKP) anunció resultados sólidos para el segundo trimestre de 2024 y el nombramiento de un nuevo CEO. Puntos destacados:
- Ingresos totales: 627 millones de dólares, un aumento del 7% interanual
- Ingresos por suscripción de seguridad: 272 millones de dólares, un aumento del 14% interanual
- BPA GAAP: 1.74 dólares, un aumento del 3% interanual
- BPA No-GAAP: 2.17 dólares, un aumento del 8% interanual
Nadav Zafrir, un reconocido líder en ciberseguridad, asumirá el cargo de CEO en diciembre de 2024. El fundador Gil Shwed pasará a ser Presidente Ejecutivo. La compañía también anunció una expansión de 2 mil millones de dólares en su programa de recompra de acciones.
체크 포인트 소프트웨어 테크놀로지스(NASDAQ: CHKP)가 2024년 2분기 강력한 실적 발표와 새로운 CEO 임명을 알렸습니다. 주요 내용:
- 총 수익: 6억 2,700만 달러, 전년 대비 7% 증가
- 보안 구독 수익: 2억 7,200만 달러, 전년 대비 14% 증가
- GAAP 주당 순이익: 1.74달러, 전년 대비 3% 증가
- 비 GAAP 주당 순이익: 2.17달러, 전년 대비 8% 증가
나다브 자프리르가 2024년 12월 CEO로 취임합니다. 창립자인 질 슈웨드는 실행 의장직으로 전환됩니다. 회사는 또한 20억 달러 규모의 자사주 매입 프로그램 확장을 발표했습니다.
Check Point Software Technologies (NASDAQ: CHKP) a annoncé des résultats solides pour le deuxième trimestre 2024 et la nomination d'un nouveau PDG. Points clés :
- Revenus totaux : 627 millions de dollars, en hausse de 7 % par rapport à l'année précédente
- Revenus des abonnements de sécurité : 272 millions de dollars, en hausse de 14 % par rapport à l'année précédente
- Bénéfice par action GAAP : 1,74 dollar, en hausse de 3 % par rapport à l'année précédente
- Bénéfice par action Non-GAAP : 2,17 dollars, en hausse de 8 % par rapport à l'année précédente
Nadav Zafrir, un leader reconnu dans le domaine de la cybersécurité, deviendra PDG en décembre 2024. Le fondateur Gil Shwed deviendra président exécutif. L'entreprise a également annoncé une expansion de 2 milliards de dollars de son programme de rachat d'actions.
Check Point Software Technologies (NASDAQ: CHKP) hat starke Ergebnisse für das 2. Quartal 2024 und die Ernennung eines neuen CEO angekündigt. Wichtige Eckdaten:
- Gesamteinnahmen: 627 Millionen Dollar, ein Anstieg von 7 % im Vergleich zum Vorjahr
- Einnahmen aus Sicherheitsabonnements: 272 Millionen Dollar, ein Anstieg von 14 % im Vergleich zum Vorjahr
- GAAP EPS: 1,74 Dollar, ein Anstieg von 3 % im Vergleich zum Vorjahr
- Non-GAAP EPS: 2,17 Dollar, ein Anstieg von 8 % im Vergleich zum Vorjahr
Nadav Zafrir, ein renommierter Leader im Bereich Cybersicherheit, wird im Dezember 2024 CEO. Der Gründer Gil Shwed wird zum Executive Chairman wechseln. Das Unternehmen kündigte außerdem eine Erweiterung seines Aktienrückkaufprogramms um 2 Milliarden Dollar an.
- Total revenues increased by 7% year-over-year to $627 million
- Security Subscription Revenues grew by 14% year-over-year to $272 million
- Non-GAAP EPS increased by 8% year-over-year to $2.17
- $2 billion expansion of the share repurchase program announced
- Appointment of Nadav Zafrir, a respected cybersecurity leader, as new CEO
- GAAP Operating Income decreased from $221 million in Q2 2023 to $209 million in Q2 2024
- GAAP Net Income slightly decreased from $202 million in Q2 2023 to $197 million in Q2 2024
- Cash balances decreased from $3,515 million in Q2 2023 to $3,058 million in Q2 2024
Insights
Check Point Software's Q2 2024 financial results showcase solid performance. Key metrics include a 7 percent YoY increase in total revenue to
Investors should be optimistic about Check Point's continued focus on the AI-driven cloud-delivered Infinity Platform, which has seen double-digit growth, indicating strong demand and customer trust. This strategic direction aligns well with current industry trends towards AI and cloud solutions, likely sustaining growth in the mid to long term.
Nadav Zafrir’s appointment as CEO is a significant development. His extensive background in cyber security, venture capital and leadership roles at Team8 and SolarEdge Technologies denotes a deep understanding of both the technological landscape and business growth strategies. His experience at the forefront of cyber security innovation is poised to drive Check Point's future growth.
The emphasis on AI in his statement suggests a future-focused vision that could leverage emerging technologies to enhance Check Point's product offerings. This aligns with industry needs for advanced security solutions as threats become increasingly sophisticated. Given his credibility and track record, Zafrir's leadership is likely to inspire confidence among stakeholders and could lead to innovative product development and market expansion.
Check Point’s revenue growth and the CEO transition come at a important time when the cyber security market is expanding rapidly due to increasing digital threats. The 14 percent YoY growth in security subscription revenues reflects robust demand for their offerings, possibly influenced by rising cyber security incidents globally. Zafrir’s appointment could further solidify Check Point’s position in the market, given his strong industry connections and proven strategic vision.
The decision to enhance the share repurchase program also sends a positive signal to the market, likely supporting stock prices in the short term. However, investors should monitor how Zafrir navigates the competitive landscape and integrates new technologies into Check Point's portfolio to drive sustained growth.
Nadav Zafrir, renowned Cyber Security leader, will assume CEO role December 2024
Gil Shwed, Founder & CEO, will transition to Executive Chairman
REDWOOD CITY, Calif., July 24, 2024 (GLOBE NEWSWIRE) -- Check Point® Software Technologies Ltd. (NASDAQ: CHKP), today announced its financial results for the second quarter ended June 30, 2024, and the appointment of Nadav Zafrir as Check Point Chief Executive Officer.
Second Quarter 2024:
- Total Revenues:
$627 million , a 7 percent increase year over year - Security Subscription Revenues:
$272 million , a 14 percent increase year over year - GAAP Operating Income: $209 million, representing 33 percent of revenues
- Non-GAAP Operating Income:
$265 million , representing 42 percent of revenues - GAAP EPS: $1.74, a 3 percent increase year over year
- Non-GAAP EPS: $2.17, an 8 percent increase year over year
“I’m excited to share great news. Check Point delivered an outstanding second quarter as customers continued to embrace the AI driven, cloud delivered Infinity Platform to achieve the highest levels of security,” said Gil Shwed, Check Point founder and CEO. “The success of Infinity during the quarter was underscored by its double-digit growth and significant deals with Fortune Global 500 organizations.”
New CEO Appointment:
For the past 10 years, Nadav Zafrir has been a co-founder and managing partner at Team8, a global venture creation and venture capital fund. Team8 establishes and invests in companies focused on cyber security, Data & AI, Fintech and digital health. He built, invested and chaired 17 cyber security companies in addition to dozens of other technology companies he has consulted and mentored. He previously served 25 years in the IDF, retiring as a Brigadier General. Since 2019, he has served as Chairman of the Board of SolarEdge Technologies, a Nasdaq traded smart energy company. Mr. Zafrir will assume the CEO role in December 2024 and will join Check Point’s Board of Directors upon shareholder approval at Check Point’s next Annual General Meeting. Gil Shwed will become Executive Chairman of the Board.
“We are concluding a thorough CEO search process after examining candidates from around the world and found the perfect individual. Nadav has been a key leader in the global cyber security ecosystem for over a decade. Having lived in New York and Tel Aviv, he became one of the most respected figures within the global CISO community. He established and led multiple cyber security companies and partnered with the world’s largest security vendors. I admire his achievements and leadership skills and I am excited about his appointment, and believe he is the right leader to take Check Point to new heights,” concluded Mr. Shwed.
“I am honored to join Check Point, a pioneer that shaped modern cyber security, and a hotbed for entrepreneurship,” said Nadav Zafrir. “Over the last decade, I've collaborated with global cyber security leaders and teams, witnessing firsthand their incredible efforts to safeguard global networks from sophisticated attackers. I am in awe of the work of security practitioners and their organizations deserve the best security. In our turbulent world, on the brink of another acceleration point as AI redefines our lives, cutting-edge cyber security is more critical than ever. Check Point is uniquely positioned to lead development of the next stage of security for our complex world. I look forward to working with the company’s accomplished leadership team and Gil to write the next chapter in Check Point’s growth,” concluded Mr. Zafrir.
Financial Highlights for the Second Quarter of 2024:
- Total Revenues:
$627 million compared to$589 million in the second quarter of 2023, a 7 percent increase year over year. - GAAP Operating Income:
$209 million compared to$221 million in the second quarter of 2023. - Non-GAAP Operating Income:
$265 million compared to$263 million in the second quarter of 2023. - GAAP Taxes on Income:
$36 million compared to$41 million in the second quarter of 2023. - GAAP Net Income:
$197 million compared to$202 million in the second quarter of 2023. - Non-GAAP Net Income:
$246 million compared to$238 million in the second quarter of 2023. - GAAP Earnings Per Diluted Share:
$1.74 compared to$1.70 in the second quarter of 2023, a 3 percent increase year over year. - Non-GAAP Earnings Per Diluted Share:
$2.17 compared to$2.00 in the second quarter of 2023, an 8 percent increase year over year. - Deferred Revenues: As of June 30, 2024, deferred revenues were
$1,818 million compared to$1,774 million as of June 30, 2023, a 2 percent increase year over year. - Cash Balances, Marketable Securities and Short-Term Deposits:
$3,058 million as of June 30, 2024, compared to$3,515 million as of June 30, 2023. - Cash Flow: Cash flow from operations of
$200 million compared to$191 million in the second quarter of 2023. - Share Repurchase Program: During the second quarter of 2024, the company repurchased approximately 2.1 million shares at a total cost of approximately
$325 million . On July 11, 2024, the company announced that the board of directors authorized a$2 billion expansion of the company’s on-going share repurchase program. Under the extended share repurchase program, Check Point will be authorized to continue repurchasing its shares up to$325 million each quarter.
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.”
Conference Call and Webcast Information
Check Point will host a conference call with the investment community on July 24, 2024, at 8:30 AM ET/5:30 AM PT. To listen to the live video cast or replay, please visit the website: www.checkpoint.com/ir.
Third Quarter Investor Conference Participation Schedule:
- KeyBanc Technology Leadership Forum
August 4-6, 2024, Vail, CO – Fireside Chat & 1x1’s - Oppenheimer 27th Annual Virtual Technology, Internet & Communications Conference
August 12, 2024 – Virtual 1x1’s - Deutsche Bank 2024 Technology Conference
August 28 - 29, 2024, Dana Point, CA – 1x1’s - Citi 2024 Global Technology Conference
September 3-5, 2024, New York, NY – 1x1’s - Goldman Sachs 2024 Communicopia + Technology Conference
September 9, 2024, San Francisco, CA – Fireside Chat &1x1’s - Piper Sandler 2023 Growth Frontiers Conference
September 10-11, 2024, Nashville, TN – 1x1’s
Members of Check Point's management team anticipate attending these conferences and events to discuss the latest company strategies and initiatives. Check Point’s conference presentations, if applicable, will be available via webcast on the company’s web site. To hear 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.
To follow this and other Check Point news visit:
- LinkedIn: https://www.linkedin.com/company/check-point-software-technologies
- YouTube: http://www.youtube.com/user/CPGlobal
- Blog: http://blog.checkpoint.com/
- X (Formerly known as Twitter): http://www.twitter.com/checkpointsw
About Check Point Software Technologies Ltd.
Check Point Software Technologies Ltd. (www.checkpoint.com) is a leading AI-powered, cloud-delivered cyber security platform provider protecting over 100,000 organizations worldwide. Check Point leverages the power of AI everywhere to enhance cyber security efficiency and accuracy through its Infinity Platform, with industry-leading catch rates enabling proactive threat anticipation and smarter, faster response times. The comprehensive platform includes cloud-delivered technologies consisting of Check Point Harmony to secure the workspace, Check Point CloudGuard to secure the cloud, Check Point Quantum to secure the network, and Check Point Infinity Core Services for collaborative security operations and services.
Legal Notice Regarding Forward-Looking Statements
This 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, the appointment of our new CEO, the transition of our CEO into the role of Executive Chairman and our participation in investor conferences and events during the third quarter of 2024. 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; the appointment of our new CEO, the transition of our CEO into the role of Executive Chairman; and general market, political, economic, and business conditions, including acts of terrorism or war. 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 2, 2024. 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 to assist the investment community in visualizing 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 the business internally and has determined that it is important to provide this information to investors.
| CHECK POINT SOFTWARE TECHNOLOGIES LTD. CONSOLIDATED STATEMENT OF INCOME (Unaudited, in millions, except per share amounts) | |||||||||||
| Three Months Ended | Six Months Ended | ||||||||||
| June 30, | June 30, | ||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||
| Revenues: | |||||||||||
| Products and licenses | $ | 118.1 | $ | 116.9 | $ | 218.4 | $ | 224.9 | |||
| Security subscriptions | 271.7 | 238.9 | 535.1 | 467.1 | |||||||
| Total revenues from products and security subscriptions | 389.8 | 355.8 | 753.5 | 692.0 | |||||||
| Software updates and maintenance | 237.6 | 232.9 | 472.7 | 462.9 | |||||||
| Total revenues | 627.4 | 588.7 | 1,226.2 | 1,154.9 | |||||||
| Operating expenses: | |||||||||||
| Cost of products and licenses | 24.0 | 22.6 | 43.9 | 48.8 | |||||||
| Cost of security subscriptions | 16.8 | 13.6 | 33.3 | 25.9 | |||||||
| Total cost of products and security subscriptions | 40.8 | 36.2 | 77.2 | 74.7 | |||||||
| Cost of Software updates and maintenance | 31.6 | 27.3 | 60.3 | 54.1 | |||||||
| Amortization of technology | 5.8 | 2.4 | 11.6 | 5.2 | |||||||
| Total cost of revenues | 78.2 | 65.9 | 149.1 | 134.0 | |||||||
| Research and development | 97.1 | 87.4 | 196.3 | 178.9 | |||||||
| Selling and marketing | 215.7 | 185.6 | 421.9 | 363.3 | |||||||
| General and administrative | 27.1 | 28.4 | 55.7 | 57.5 | |||||||
| Total operating expenses | 418.1 | 367.3 | 823.0 | 733.7 | |||||||
| Operating income | 209.3 | 221.4 | 403.2 | 421.2 | |||||||
| Financial income, net | 23.7 | 21.3 | 46.3 | 40.4 | |||||||
| Income before taxes on income | 233.0 | 242.7 | 449.5 | 461.6 | |||||||
| Taxes on income | 35.6 | 40.7 | 68.2 | 75.5 | |||||||
| Net income | $ | 197.4 | $ | 202.0 | $ | 381.3 | $ | 386.1 | |||
| Basic earnings per share | $ | 1.78 | $ | 1.71 | $ | 3.42 | $ | 3.23 | |||
| Number of shares used in computing basic earnings per share | 111.1 | 118.0 | 111.6 | 119.6 | |||||||
| Diluted earnings per share | $ | 1.74 | $ | 1.70 | $ | 3.34 | $ | 3.20 | |||
| Number of shares used in computing diluted earnings per share | 113.6 | 119.2 | 114.2 | 120.8 | |||||||
| CHECK POINT SOFTWARE TECHNOLOGIES LTD. SELECTED FINANCIAL METRICS (Unaudited, in millions, except per share amounts) | ||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||
| June 30, | June 30, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Revenues | $ | 627.4 | $ | 588.7 | $ | 1,226.2 | $ | 1,154.9 | ||||
| Non-GAAP operating income | 265.1 | 263.1 | 517.1 | 501.5 | ||||||||
| Non-GAAP net income | 246.0 | 238.3 | 480.5 | 456.2 | ||||||||
| Diluted Non-GAAP Earnings per share | $ | 2.17 | $ | 2.00 | $ | 4.21 | $ | 3.78 | ||||
| Number of shares used in computing diluted Non-GAAP earnings per share | 113.6 | 119.2 | 114.2 | 120.8 | ||||||||
| CHECK POINT SOFTWARE TECHNOLOGIES LTD. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (Unaudited, in millions, except per share amounts) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| GAAP operating income | $ | 209.3 | $ | 221.4 | $ | 403.2 | $ | 421.2 | ||||||||
| Stock-based compensation (1) | 39.3 | 36.2 | 80.9 | 68.9 | ||||||||||||
| Amortization of intangible assets and acquisition related expenses (2) | 16.5 | 5.5 | 33.0 | 11.4 | ||||||||||||
| Non-GAAP operating income | $ | 265.1 | $ | 263.1 | $ | 517.1 | $ | 501.5 | ||||||||
| GAAP net income | $ | 197.4 | $ | 202.0 | $ | 381.3 | $ | 386.1 | ||||||||
| Stock-based compensation (1) | 39.3 | 36.2 | 80.9 | 68.9 | ||||||||||||
| Amortization of intangible assets and acquisition related expenses (2) | 16.5 | 5.5 | 33.0 | 11.4 | ||||||||||||
| Taxes on the above items (3) | (7.2 | ) | (5.4 | ) | (14.7 | ) | (10.2 | ) | ||||||||
| Non-GAAP net income | $ | 246.0 | $ | 238.3 | $ | 480.5 | $ | 456.2 | ||||||||
| Diluted GAAP earnings per share | $ | 1.74 | $ | 1.70 | $ | 3.34 | $ | 3.20 | ||||||||
| Stock-based compensation (1) | 0.34 | 0.30 | 0.70 | 0.57 | ||||||||||||
| Amortization of intangible assets and acquisition related expenses (2) | 0.15 | 0.05 | 0.30 | 0.10 | ||||||||||||
| Taxes on the above items (3) | (0.06 | ) | (0.05 | ) | (0.13 | ) | (0.09 | ) | ||||||||
| Diluted Non-GAAP earnings per share | $ | 2.17 | $ | 2.00 | $ | 4.21 | $ | 3.78 | ||||||||
| Number of shares used in computing diluted Non-GAAP earnings per share | 113.6 | 119.2 | 114.2 | 120.8 | ||||||||||||
| (1) Stock-based compensation: | ||||||||||||||||
| Cost of products and licenses | $ | 0.1 | $ | 0.1 | $ | 0.2 | $ | 0.2 | ||||||||
| Cost of software updates and maintenance | 2.2 | 1.8 | 4.4 | 3.0 | ||||||||||||
| Research and development | 13.6 | 11.8 | 28.3 | 22.4 | ||||||||||||
| Selling and marketing | 14.9 | 14.8 | 30.8 | 26.1 | ||||||||||||
| General and administrative | 8.5 | 7.7 | 17.2 | 17.2 | ||||||||||||
| 39.3 | 36.2 | 80.9 | 68.9 | |||||||||||||
| (2) Amortization of intangible assets and acquisition related expenses: | ||||||||||||||||
| Amortization of technology-cost of revenues | 5.8 | 2.4 | 11.6 | 5.2 | ||||||||||||
| Research and development | 1.6 | 2.0 | 3.2 | 3.9 | ||||||||||||
| Selling and marketing | 9.1 | 1.1 | 18.2 | 2.3 | ||||||||||||
| 16.5 | 5.5 | 33.0 | 11.4 | |||||||||||||
| (3) Taxes on the above items | (7.2 | ) | (5.4 | ) | (14.7 | ) | (10.2 | ) | ||||||||
| Total, net | $ | 48.6 | $ | 36.3 | $ | 99.2 | $ | 70.1 | ||||||||
| CHECK POINT SOFTWARE TECHNOLOGIES LTD. CONDENSED CONSOLIDATED BALANCE SHEET DATA (In millions) ASSETS | |||||||
| June 30, | December 31, | ||||||
| 2024 (Unaudited) | 2023 (Audited) | ||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 572.5 | $ | 537.7 | |||
| Marketable securities and short-term deposits | 1,087.6 | 992.3 | |||||
| Trade receivables, net | 456.7 | 657.7 | |||||
| Prepaid expenses and other current assets | 75.5 | 70.0 | |||||
| Total current assets | 2,192.3 | 2,257.7 | |||||
| Long-term assets: | |||||||
| Marketable securities | 1,397.8 | 1,429.7 | |||||
| Property and equipment, net | 80.8 | 80.4 | |||||
| Deferred tax asset, net | 88.8 | 81.8 | |||||
| Goodwill and other intangible assets, net | 1,721.5 | 1,748.5 | |||||
| Other assets | 100.2 | 97.4 | |||||
| Total long-term assets | 3,389.1 | 3,437.8 | |||||
| Total assets | $ | 5,581.4 | $ | 5,695.5 | |||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||
| Current liabilities: | |||||||||
| Deferred revenues | $ | 1,341.9 | $ | 1,413.8 | |||||
| Trade payables and other accrued liabilities | 445.0 | 502.3 | |||||||
| Total current liabilities | 1,786.9 | 1,916.1 | |||||||
| Long-term liabilities: | |||||||||
| Long-term deferred revenues | 476.5 | 493.9 | |||||||
| Income tax accrual | 453.5 | 436.1 | |||||||
| Other long-term liabilities | 36.0 | 28.4 | |||||||
| 966.0 | 958.4 | ||||||||
| Total liabilities | 2,752.9 | 2,874.5 | |||||||
| Shareholders’ equity: | |||||||||
| Share capital | 0.8 | 0.8 | |||||||
| Additional paid-in capital | 2,933.0 | 2,732.5 | |||||||
| Treasury shares at cost | (13,619.0 | ) | (13,041.2 | ) | |||||
| Accumulated other comprehensive gain | (35.7 | ) | (39.2 | ) | |||||
| Retained earnings | 13,549.4 | 13,168.1 | |||||||
| Total shareholders’ equity | 2,828.5 | 2,821.0 | |||||||
| Total liabilities and shareholders’ equity | $ | 5,581.4 | $ | 5,695.5 | |||||
| Total cash and cash equivalents, marketable securities and short-term deposits | $ | 3,057.9 | $ | 2,959.7 | |||||
| CHECK POINT SOFTWARE TECHNOLOGIES LTD. SELECTED CONSOLIDATED CASH FLOW DATA (Unaudited, in millions) | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Cash flow from operating activities: | |||||||||||||||
| Net income | $ | 197.4 | $ | 202.0 | $ | 381.3 | $ | 386.1 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||
| Depreciation of property and equipment | 5.2 | 5.3 | 12.5 | 12.2 | |||||||||||
| Amortization of intangible assets | 13.5 | 2.9 | 27.0 | 6.2 | |||||||||||
| Stock-based compensation | 39.3 | 36.2 | 80.9 | 68.9 | |||||||||||
| Realized loss on marketable securities | - | 0.7 | - | 0.7 | |||||||||||
| Decrease (increase) in trade and other receivables, net | (75.0 | ) | (59.9 | ) | 190.4 | 225.2 | |||||||||
| Increase (decrease) in deferred revenues, trade payables and other accrued liabilities | 18.9 | (2.2 | ) | (121.7 | ) | (129.3 | ) | ||||||||
| Deferred income taxes, net | 0.6 | 6.0 | (9.5 | ) | 6.6 | ||||||||||
| Net cash provided by operating activities | 199.9 | 191.0 | 560.9 | 576.6 | |||||||||||
| Cash flow from investing activities: | |||||||||||||||
| Investment in property and equipment | (6.4 | ) | (3.6 | ) | (12.9 | ) | (7.8 | ) | |||||||
| Net cash used in investing activities | (6.4 | ) | (3.6 | ) | (12.9 | ) | (7.8 | ) | |||||||
| Cash flow from financing activities: | |||||||||||||||
| Proceeds from issuance of shares upon exercise of options | 158.6 | 51.0 | 204.2 | 85.1 | |||||||||||
| Purchase of treasury shares | (325.0 | ) | (324.9 | ) | (650.0 | ) | (649.8 | ) | |||||||
| Payments related to shares withheld for taxes | (12.1 | ) | (6.7 | ) | (13.2 | ) | (7.7 | ) | |||||||
| Net cash used in financing activities | (178.5 | ) | (280.6 | ) | (459.0 | ) | (572.4 | ) | |||||||
| Unrealized gain (loss) on marketable securities, net | 7.6 | (10.7 | ) | 9.2 | 15.9 | ||||||||||
| Increase (decrease) in cash and cash equivalents, marketable securities and short-term deposits | 22.6 | (103.9 | ) | 98.2 | 12.3 | ||||||||||
| Cash and cash equivalents, marketable securities and short-term deposits at the beginning of the period | 3,035.3 | 3,619.4 | 2,959.7 | 3,503.2 | |||||||||||
| Cash and cash equivalents, marketable securities and short-term deposits at the end of the period | $ | 3,057.9 | $ | 3,515.5 | $ | 3,057.9 | $ | 3,515.5 | |||||||
| INVESTOR CONTACT: Kip E. Meintzer Check Point Software Technologies +1.650.628.2040 ir@checkpoint.com | MEDIA CONTACT: Gil Messing Check Point Software Technologies +1.650.628.2260 press@checkpoint.com |
FAQ
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