CHECK POINT SOFTWARE TECHNOLOGIES REPORTS 2019 FIRSTQUARTER - FINANCIAL RESULTS - GADGETS & INNOVATIONS

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Monday, April 22, 2019

CHECK POINT SOFTWARE TECHNOLOGIES REPORTS 2019 FIRSTQUARTER - FINANCIAL RESULTS



Check Point® Software Technologies Ltd. (NASDAQ: CHKP), today announced its financial results for the firstquarter ended March 31, 2019.
First Quarter 2019:                                        
  • Total Revenue: $472 million, a 4 percent increase year over year
  • Deferred Revenues: $1,312 million, a 13 percent increase year over year
  • GAAP Operating Income$206 million, representing 44 percent of revenues
  • Non-GAAP Operating Income$235 million, representing 50 percent of revenues
  • GAAP EPS$1.15, Non-GAAP EPS: $1.32

Financial Highlights for the First Quarter of 2019:
  • Total Revenue: $472 million compared to $452 million in the first quarter of 2018, a 4 percent 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 percent and 47 percent of revenues in the first quarter of 2019 and 2018, respectively.
  • Non-GAAP Operating Income: $235 million compared to $239 million in the first quarter of 2018, representing 50 percent and 53 percent of revenues in the first quarter of 2019 and 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 percent 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 percent 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.
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.”

First Quarter Key Highlights
Check Point Maestro HyperScaleCheck Point Maestro is a revolutionary new architecture that enables businesses of any size to enjoy the power of cloud-grade elasticity and resiliency in a security platform. Maestro enables seamless expansion of existing security gateways to hyperscale capacity by allowing businesses to expand from one gateway up to 52 gateways in minutes and realize the performance of massive Terabits/second firewall throughput.
6000 Series Gateways: The new 6500 and 6800 security appliances set new standards of protection against advanced fifth-generation threats, while offering superior performance and dexterity.  The 6500 and 6800 gateways deliver the power to inspect SSL-encrypted network traffic without compromising on performance or uptime. The 6500 provides 20Gbps raw firewall bandwidth and 3.4Gbps of threat prevention output.  The 6800 provides 42Gbps raw firewall bandwidth and 9Gbps threat prevention output. 
Check Point Launches Partner Program to Accelerate Sales and Reward Partners for Client EngagementThe new Engage partner program directly rewards solution providers with Check PointS for activities that deepen customer relationships.
Check Point CloudGuard Dome9 Named ‘Security Innovation of the Year’ in 2018-19 Cloud Awards:
Recognized for its comprehensive software platform for public cloud security and compliance orchestration.
Check Point SandBlast Agent Earns ‘NSS Labs Recommended’ Rating in 2019 Advanced Endpoint Protection Test NSS Labs gave a ‘recommended’ rating to Check Point’s SandBlast Agent solution for detecting 100% of HTTP and email threats and 100% of malware using sophisticated evasion techniques, while providing zero false positives.
Completed ForceNock Acquisition: A web application and API protection startup acquisition that will strengthen Check Point offerings and capabilities with advanced machine learning protection.
Check Point Research https://research.checkpoint.com uncovered numerous findings that included vulnerabilities in widely deployed applications and services such as WinRar, Windows Deployment Services and RDP protocols. Exposed campaigns targeting Public Cloud Linux servers, mobile devices and nation-state targets, and created the world’s first repository for MacOS malware.

Vulnerabilities in Applications & Infrastructure:
Vulnerabilities in WinRARCheck Point Research discovered a 19-year-old vulnerability in WinRAR, the world’s most popular compression tool potentially exposing 500 million users to a remote code execution.
Windows - Vulnerabilities in RDP ProtocolsCheck Point Research recently discovered multiple critical vulnerabilities in the commonly used Remote Desktop Protocol (RDP) that would allow a malicious actor to reverse the usual direction of communication and infect the IT professional or security researcher’s computer. Such an infection could then allow for an intrusion into the IT network as a whole.

Windows - Vulnerabilities in WDSCheck Point Research discovered vulnerabilities in Windows Deployment Services (WDS). Through the vulnerability, an attacker could potentially have modified it to control the content of every new computer and equip it with his own proprietary malware.

Malware and Campaigns Research:
Cloud Security: SpeakUp - A New Trojan Hits Linux ServersCheck Point Research discovered a new campaign exploiting Public Cloud Linux servers to implant a new Backdoor, which evades all security vendors. The new Trojan, named “SpeakUp” after one of its command and control names, exploits known vulnerabilities in six different Linux distributions.

N.Korea Attacks Russian TargetsCheck Point Research discovered what appears to be a coordinated attack against Russian entities by the North Korean APT group, Lazarus. The attack flow includes the distribution of ZIP files, containing a benign PDF decoy document and a malicious Word doc with macros that install the Lazarus backdoor that collects information about the victim’s machine.

Joomla Spam CampaignCheck Point Research identified a new campaign from a known threat actor who is now exploiting a new backdoor with an old vulnerability in Joomla! Using it to monetize his attack via a profitable spam campaign.

Windows - Cuckoo BlackCheck Point Research identified an attack targeting Windows servers in APAC and revealed the attackers infrastructure. The uploading of sensitive data, such as Windows login credentials, OS version and IP addresses was occurring at between 3-10 different victims each second.

Mobile - Chinese SDK Infection:Check Point Research discovered a group of Android apps massively harvesting contact information on mobile phones without the user’s consent. The data stealing logic hides inside a Software Development Kit (SDK) seen in up to 12 different mobile applications and downloaded over 111 million times.

Mobile - SimBad AdwareCheck Point Research discovered a new adware campaign on the Google Play Store. The ‘SimBad’ Adware was resident in 206 applications and downloaded by almost 150 million users.

MacoPedia, A Catalogue of Mac MalwareCheck Point Research launched a complete Mac Malware portal that collects and summarizes all information about MacOS malware.

Conference Call and Webcast Information
Check Point will host a conference call with the investment community on April 18, 2019, at 8:30 AM ET/5:30 AM PT. To listen to the live webcast or replay, please visit the website: www.checkpoint.com/ir.

Second Quarter Investor Conference Participation Schedule:
  • Jefferies 2019 Global Technology, Media and Telecom ConferenceMay 9, 2019 – Beverly Hills, CA
  • J.P. Morgan 47th Annual Technology, Media and Telecom ConferenceMay 14, 2019 – Boston, MA
  • Macquarie & Company TMT Company DayMay 21, 2019 – New York, NY
  • Bank of America Merrill Lynch 2018 Global Technology Conference
    June 4, 2019 – San Francisco, CA
  • 2019 Baird Global Consumer, Technology & Services Conference
    June 6, 2019 – New York, NY
  • Nasdaq 40th London Investor Conference
    June 13, 2019 – London, UK

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.


India| Aril 22, 2019

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