Special Feature

Check Point Software Technologies Reports 2019 First Quater Financial Results

Check Point Software Technologies Limited announced its financial results for the first quarter ended March 31, 2019.

First Quarter 2019:

  • Total Revenue: $472million, a 4% increase year over year.
  • Deferred Revenues: $1,312 million, a 13% increase year over year.
  • GAAP Operating Income: $206million, representing 44% of revenues.
  • Non-GAAP Operating Income: $235million, representing 50% of revenues.
  • GAAP EPS: $1.15, Non-GAAP EPS: $1.32.

“We had good results in the first quarter with 13 percent growth in our security subscriptions including advanced solutions for Cloud and Mobile as well as SandBlast Zero-Day threat prevention,” said Gil Shwed, Founder and CEO of Check Point Software Technologies. “During the quarter we launched a series of new products, including Maestro which provides cloud-grade elasticity and resiliency for networks, and the 6000 series security appliances that are optimized for prevention of Gen V threats. Additionally, the Infinity Gen V security platform demonstrated solid traction in the quarter and drove new customer acquisition.”

Financial Highlights for the First Quarter of 2019:

  • Total Revenue: $472 million compared to $452 million in the first quarter of 2018, a 4% increase year over year. Revenues were above the midpoint of our guidance.
  • GAAP Operating Income: $206 million compared to $213 million in the first quarter of 2018, representing 44% and 47% of revenues in the first quarter of 2019and 2018, respectively.
  • Non-GAAP Operating Income: $235 million compared to $239 million in the first quarter of 2018, representing 50% and 53% of revenues in the first quarter of 2019and 2018, respectively.
  • GAAP Taxes on Income: $45 million compared to $41 million in the first quarter of 2018.
  • GAAP Net Income and Earnings per Diluted Share: GAAP net income was $180 million compared to $187 million in the first quarter of 2018. GAAP earnings per diluted share were $1.15 compared to $1.16 in the first quarter of 2018.
  • Non-GAAP Net Income and Earnings per Diluted Share: Non-GAAP net income was $205 million compared to $210 million in the first quarter of 2018.  Non-GAAP earnings per diluted share were $1.32 compared to $1.30 in the first quarter of 2018, a 2% increase year over year.
  • Deferred Revenues: As of March 31, 2019, deferred revenues were $1,312 million compared to $1,166 million as of March 31, 2018, a 13% increase year over year.
  • Cash Balances, Marketable Securities and Short Term Deposits: $4,175 million as of March 31, 2019, compared to $4,039 million as of December 31, 2018.
  • Cash Flow: Cash flow from operations of $379 million included an acquisition related payment of $2 million compared to $419 million in the first quarter of 2018, which included a tax refund of $45 million related to a prior year.
  • Share Repurchase Program: During the first quarter of 2019, the company repurchased approximately 2.7 million shares at a total cost of approximately $305 million.

First Quarter Key Highlights:

  • Check Point Maestro HyperScale.
  • 6000 Series Gateways.
  • Check Point Launches Partner Program to Accelerate Sales and Reward Partners for Client Engagement.
  • Check Point CloudGuard Dome9 Named ‘Security Innovation of the Year’ in 2018-19 Cloud Awards.
  • Check Point SandBlast Agent Earns ‘NSS Labs Recommended’ Rating in 2019 Advanced Endpoint Protection Test.
  • Completed ForceNock Acquisition.

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