“I am very pleased with our strong start to the 2012 calendar year. Check Point delivered record first quarter results with good growth across all of our key financial metrics. The growth was driven by our latest network security appliances and the continued strength of our annuity software blades,” said Gil Shwed, founder, chairman, and chief executive officer of Check Point Software Technologies.
“Check Point is very proud of its accomplishments and is very excited about the future. The results are a testimonial of the continuous improvement in our execution after the strong acceptance of Software Blades in the market especially in the IPS space. Check Point’s focus has always been in making it simpler for customers to secure and manage their digital assets,” said Bhaskar Bakthavatsalu, Regional Director - India & SAARC at Check Point Software Technologies.
• Total Revenue: $313.1 million, an increase of 11 percent, compared to $281.3 million in the first quarter of 2011.
• GAAP Operating Income: $172.9 million, an increase of 22 percent, compared to $141.3 million the first quarter of 2011. GAAP operating margin was 55 percent, compared to 50 percent in the first quarter of 2011.
• Non-GAAP Operating Income: $186.7 million, an increase of 16 percent, compared to $160.6 million in the first quarter of 2011 . Non-GAAP operating margin was 60 percent, compared to 57 percent in the first quarter of 2011.
• GAAP Net Income and Earnings per Diluted Share: GAAP net income was $143.6 million, an increase of 18 percent, compared to $122.1 million in the first quarter of 2011. GAAP earnings per diluted share were $0.68, an increase of 19 percent, compared to $0.57 in the first quarter of 2011.
• Non-GAAP Net Income and Earnings per Diluted Share: Non-GAAP net income was $156.9 million, an increase of 14 percent, compared to $137.1 million in the first quarter of 2011. Non-GAAP earnings per diluted share were $0.74, an increase of 16 percent, compared to $0.64 in the first quarter of 2011.
• Deferred Revenues : As of March 31, 2012, Check Point had deferred revenues of $542.2 million, an increase of 18 percent, compared to $460.4 million as of March 31, 2011 .
• Cash Flow: Cash f low from operations was $275.3 million, an increase of 30 percent, compared to $ 211.6 million in the first quarter of 2011.
• Share Repurchase Program : During the first quarter of 2012, Check Point repurchased 1.29 million shares at a total cost of $75 million.
• Cash Balances, Marketable Securities and Short Term Deposits: $3,121.2 million as of March 31, 2012, an increase of $549 million, compared to $2,572.2 million as of March 31, 2011.
Check Point ThreatCloud™
On April 17, Check Point introduced ThreatCloud™
ThreatCloud is available with Check Point’s latest software blade release, R75.40 , which also includes:
•New Anti-Bot and enhanced Antivirus Software Blades that are powered by ThreatCloud, allowing them to get real-time updates and enforce pre-emptive protection against advanced threats and other forms of sophisticated malware.
•Check Point GAiA™ unified operating system supporting all security gateways and software blades.
•Over 100 additional security features, R75.40 brings customers advanced threat prevention, security consolidation and simplified management for better visibility and control.
About Check Point Software Technologies Ltd.
Check Point Software Technologies Ltd. (www.checkpoint.com)
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 net income, operating income, operating margin and earnings per share, which are adjustments from results based on GAAP to exclude non-cash stock-based compensation charges, amortization of intangible assets, net gain on marketable securities previously impaired, and the related tax effects. 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,”