Check Point Software Technologies Announces $2.0 Billion Expansion of Share Repurchase Program
Check Point Software Technologies has expanded its share repurchase program by $2.0 billion, allowing for quarterly repurchases of up to $325 million. This continued initiative follows the repurchase of approximately 204 million shares for a total of $13 billion since the program's inception. As of December 31, 2022, the company had about 120.8 million shares outstanding. The program, which may be conducted through various methods including open market transactions, reflects Check Point's commitment to enhancing shareholder value. Funding for repurchases will come from available working capital.
- Expansion of share repurchase program by $2.0 billion, enhancing shareholder value.
- Quarterly repurchase authorization of up to $325 million, potentially increasing earnings per share.
- None.
SAN CARLOS, Calif., Feb. 13, 2023 (GLOBE NEWSWIRE) -- Check Point® Software Technologies Ltd. (NASDAQ: CHKP) today announced that its board of directors has authorized a
As of December 31, 2022, Check Point had approximately 120.8 million ordinary shares outstanding, and since the beginning of the share repurchase program, Check Point has repurchased approximately 204 million shares for a total purchase price of approximately
Under the extended repurchase program, shares may be repurchased from time to time in open market transactions, in privately negotiated transactions or by other means in accordance with applicable securities laws and regulations. The actual timing, number and value of the shares repurchased will depend on market conditions, share price, trading volume and other factors. For all or a portion of the authorized repurchase amount, Check Point may enter into a plan that is compliant with Rule 10b5-1 of the U.S. Securities Exchange Act of 1934 that is designed to facilitate these purchases. The repurchase program does not require Check Point to acquire a specific number of shares and may be suspended from time to time or discontinued. The share repurchases are expected to be funded from available working capital.
About Check Point Software Technologies Ltd.
Check Point Software Technologies Ltd. (https://www.checkpoint.com/) is a leading provider of cyber security solutions to corporate enterprises and governments globally. Check Point Infinity´s portfolio of solutions protects enterprises and public organizations from 5th generation cyber-attacks with an industry leading catch rate of malware, ransomware, and other threats. Infinity comprises four core pillars delivering uncompromised security and generation V threat prevention across enterprise environments: Check Point Harmony, for remote users; Check Point CloudGuard, to automatically secure clouds; and Check Point Quantum, to protect network perimeters and datacenters, all controlled by the industry’s most comprehensive, intuitive unified security management; Check Point Horizon, a prevention-first security operations suite. Check Point protects over 100,000 organizations of all sizes.
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 our expectations regarding Check Point’s share repurchase program and the updated share repurchase program. Check Point’s 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 products and solutions and new products and solutions; the continued effects on our business of the COVID-19 pandemic, the market for IT security continuing to develop; competition from other products and services; and general market, political, economic and business conditions; the market conditions, share price, trading volume of Check Point’s ordinary shares; Check Point’s strategic decisions regarding use of capital; and Check Point’s working capital available for share repurchases. 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 14, 2022. 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.
©2023 Check Point Software Technologies Ltd. All rights reserved
| INVESTOR CONTACT: | MEDIA CONTACT: |
| Kip E. Meintzer | Gil Messing |
| Check Point Software Technologies | Check Point Software Technologies |
| +1.650.628.2040 | +1.650.628.2260 |
| ir@checkpoint.com | press@checkpoint.com |
FAQ
What is the amount of Check Point's expanded share repurchase program?
How much is Check Point authorized to repurchase each quarter under the new plan?
What has been the total amount Check Point has repurchased since the program began?
How many shares does Check Point have outstanding as of the end of December 2022?
What factors might affect the timing and amount of shares repurchased by Check Point?
