From the Wires
Check Point Software Technologies Reports Fourth Quarter and Full Year 2012 Financial Results
Jan. 23, 2013 05:10 AM
SAN CARLOS, CA -- (Marketwire) -- 01/23/13 -- Check Point® Software Technologies Ltd. (NASDAQ: CHKP)
Full Year 2012:
- Total Revenues: $1,342.7 million, representing an 8 percent increase year over year
- Non-GAAP Operating Income: $798.9 million, representing 59 percent of revenues versus 58 percent year over year
- Non-GAAP EPS: $3.19, representing an 11 percent increase year over year
- Cash Flow From Operations: $815.8 million, representing a 14 percent increase year over year
- Share Repurchase Program: $466.2 million, representing a 55 percent increase year over year
Fourth Quarter 2012:
- Total Revenues: $368.6 million, representing a 3 percent increase year over year
- Non-GAAP Operating Income: $222.9 million, representing 60 percent of revenues, same as last year
- Non-GAAP EPS: $0.91, representing an 8 percent increase year over year
- Cash Flow From Operations: $202.4 million, representing a 17 percent increase year over year
Check Point® Software Technologies Ltd. (NASDAQ: CHKP), the worldwide leader in securing the Internet, today announced financial results for the fourth quarter and full-year ending December 31, 2012.
"Throughout 2012, customers continued to adopt the Software Blades Architecture and further consolidated their security infrastructure with our new appliance portfolio. Revenues from software blades had a significant contribution to our growth with over a 50% increase this year. Overall financial results were good with non-GAAP EPS growth of 11 percent for the year. Cash flow from operations reached $816 million dollars representing 14 percent growth for the year. In the fourth quarter, cash flow from operations was $202 million dollars representing 17 percent growth," said Gil Shwed, founder, chairman and chief executive officer at Check Point Software Technologies.
Financial Highlights for the Fourth Quarter of 2012
- Total Revenues: $368.6 million, an increase of 3 percent, compared to $356.8 million in the fourth quarter of 2011.
- GAAP Operating Income: $210.5 million, an increase of 9 percent, compared to $192.6 million in the fourth quarter of 2011. GAAP operating margin was 57 percent, compared to 54 percent in the fourth quarter of 2011.
- Non-GAAP Operating Income: $222.9 million, an increase of 4 percent, compared to $213.7 million in the fourth quarter of 2011. Non-GAAP operating margin was 60 percent, same as in the fourth quarter of 2011.
- GAAP Net Income and Earnings per Diluted Share: GAAP net income was $174.0 million, an increase of 9 percent, compared to $159.8 million in the fourth quarter of 2011. GAAP earnings per diluted share were $0.85, an increase of 13 percent, compared to $0.75 in the fourth quarter of 2011.
- Non-GAAP Net Income and Earnings per Diluted Share: Non-GAAP net income was $185.1 million, an increase of 4 percent, compared to $178.1 million in the fourth quarter of 2011. Non-GAAP earnings per diluted share were $0.91, an increase of 8 percent, compared to $0.84 in the fourth quarter of 2011.
- Deferred Revenues: As of December 31, 2012, Check Point had deferred revenues of $589.7 million, an increase of 7 percent, compared to $552.2 million as of December 31, 2011.
- Cash Flow: Cash flow from operations was $202.4 million, an increase of 17 percent, compared to $173.2 million in the fourth quarter of 2011.
- Share Repurchase Program: During the fourth quarter of 2012, the company repurchased 3.6 million shares at a total cost of $160.1 million.
- Cash Balances and Marketable Securities: $3,295.4 million as of December 31, 2012, an increase of $416.0 million, compared to $2,879.4 million as of December 31, 2011.
Financial Highlights for the Year Ended December 31, 2012
- Total Revenues: $1,342.7 million, an increase of 8 percent, compared to $1,247.0 million in 2011.
- GAAP Operating Income: $746.5 million, an increase of 16 percent, compared to $642.2 in 2011. GAAP operating margin was 56 percent, compared to 51 percent in 2011.
- Non-GAAP Operating Income: $798.9 million, an increase of 10 percent, compared to $725.9 million in 2011. Non-GAAP operating margin was 59 percent, compared to 58 percent in 2011.
- GAAP Net Income and Earnings per Diluted Share: GAAP net income was $620.0 million, an increase of 14 percent, compared to $544.0 million in 2011. GAAP earnings per diluted share were $2.96, an increase of 17 percent, compared to $2.54 in 2011.
- Non-GAAP Net Income and Earnings per Diluted Share: Non-GAAP net income was $667.9 million, an increase of 9 percent, compared to $613.6 million in 2011. Non-GAAP earnings per diluted share were $3.19, an increase of 11 percent, compared to $2.87 in 2011.
- Cash Flow: Cash flow from operations was $815.8 million, an increase of 14 percent, compared to $714.9 million in 2011.
- Share Repurchase Program: The Company repurchased 9.5 million shares at a total cost of $466.2 million during 2012.
For information regarding the non-GAAP financial measures discussed in this release, please see "Use of Non-GAAP Financial Information" and "Reconciliation of GAAP to Non-GAAP Financial Information."
2012 Business Highlights
Over the course of 2012, Check Point introduced new and innovative products focused on fighting cyber threats and making enterprises more secure including:
- Check Point ThreatCloud - The first collaborative network to fight cybercrime. ThreatCloud gathers attack data from thousands of gateways and sensors around the world and distributes the intelligence to participating security gateways. In the fourth quarter, the company continued to expand the ThreatCloud offering with the introduction of new managed security services.
- Anti-Bot Software Blade - The Anti-bot software blades address one of the key cyber threats used by the most sophisticated attacks. Bots are malicious software agents that hide inside personal computers awaiting instructions from their remote operators. They are utilized to steal data and attack other computers as well as other malicious activities. The anti-bot software blades detect the bot presence on the network using a multi-dimensional approach and block their activity.
- New Appliance Product Line Transition - Over 90 percent of appliances sold during the fourth quarter were from the new appliance product line. Our 2012 Appliances models are optimized for Check Point's Software Blade Architecture and deliver approximately three times the performance of previous generations.
- New Secure OS (GAiA) - GAiA is our new secure operating system that unifies the operations of the company's new and existing appliances, integrating the functions and features of multiple product lines.
- Software Version R74.40 - New software version for the company's core network security products. This version includes more than 100 new features, including the Anti-Bot Software Blade and an updated version of the company's Anti-Virus Software Blades powered by Check Point ThreatCloud.
- Check Point Virtual Systems - New solution for private cloud environments and data centers that enables the consolidation of up to 250 security gateways on a single hardware platform.
- DDoS Protector Appliances - Check Point expanded into a new and critical security market segment. These new solutions combat a wide range of Distributed Denial of Service (DDoS) attacks and are integrated with the Check Point Security Management environment.
- Security Acceleration Module - The Security Acceleration Module with advanced SecurityCore technology enables customers in high-performance and low latency environments, such as financial trading floors, to significantly boost network performance by accelerating key security operations. Customers are able to achieve 110 Gbps of firewall throughput and sub-five micro second (5 µs) latency - enabling the industry's highest-performing two rack-unit firewall.
Industry Accolades & New Research:
Check Point continued to receive industry recognition and published a whitepaper on a new attack, including:
- Top Position in Worldwide Combined Firewall and UTM Appliance Market - Check Point is positioned as the number one vendor in worldwide combined Firewall and UTM appliance revenue for Q2 2012 according to the IDC Worldwide Q2 2012 Security Appliance Tracker.
- Leader in Gartner's Magic Quadrant for Mobile Data Protection - Check Point is recognized as a leader for its ability to encrypt data and secure mobile endpoints.
- 2012 Frost & Sullivan Asia Pacific ICT Award - Named "Network Security Vendor of the Year." This is the third time that Check Point has received this prestigious distinction.
- MIS Asia Top 100, Singapore - Global Top 75 IT Vendors.
- IT Pro Editor's Choice 2012 Hong Kong - Check Point DDoS Protector Appliance and Check Point Threat Prevention Gateway
- SMB World Awards 2012, Hong Kong - Check Point DDoS Protector Appliance
- New Eurograbber Attack - Check Point along with Versafe, uncovered a highly sophisticated attack, called Eurograbber, which was used to steal millions from corporate and private banking customers across Europe. The two companies published "A Case Study of Eurograbber: How 36 million euros was stolen via malware."
"During the year, we expanded the power of the Software Blades Architecture by introducing the Check Point ThreatCloud, the industry's first collaborative network to fight cyber threats globally with thousands of gateways worldwide that contribute attack information into ThreatCloud. In 2013, we will continue to innovate and extend our leadership, focusing on threat prevention and mobile security," said Gil Shwed, founder, chairman and chief executive officer at Check Point Software Technologies.
First Quarter Investor Conference Participation Schedule:
- Stifel Nicolaus Technology & Telecommunications Conference
February 6, 2013 - San Francisco, CA
- Goldman Sachs Technology & Internet Conference
February 13, 2013 - San Francisco, CA
- Morgan Stanley Global Technology, Media and Telecommunications Conference
February 25, 2013 - San Francisco, CA
- Raymond James 33rd Annual Institutional Investor Conference
March 4, 2013 - Orlando, FL
- UBS Technology Conference
March 13, 2013 - London, UK
Members of Check Point's management team will 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.
Conference Call and Webcast Information
Check Point will host a conference call with the investment community on January 23, 2013 at 8:30 AM ET/5:30 AM PST. To listen to the live webcast, please visit the website at: www.checkpoint.com/ir. A replay of the conference call will be available through January 30, 2013 on the company's website or by telephone at +1.201.612.7415, replay ID number 407539.
About Check Point Software Technologies Ltd.
Check Point Software Technologies Ltd. (www.checkpoint.com), the worldwide leader in securing the Internet, provides customers with uncompromised protection against all types of threats, reduces security complexity and lowers total cost of ownership. Check Point first pioneered the industry with FireWall-1 and its patented stateful inspection technology. Today, Check Point continues to develop new innovations based on the Software Blade Architecture, providing customers with flexible and simple solutions that can be fully customized to meet the exact security needs of any organization. Check Point is the only vendor to go beyond technology and define security as a business process. Check Point 3D Security uniquely combines policy, people and enforcement for greater protection of information assets and helps organizations implement a blueprint for security that aligns with business needs. Customers include tens of thousands of organizations of all sizes, including all Fortune and Global 100 companies. Check Point's award-winning ZoneAlarm solutions protect millions of consumers from hackers, spyware and identity theft.
©2013 Check Point Software Technologies Ltd. All rights reserved
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 that, in 2013, we will continue the focus on threat prevention with further expansion of our mobile security offerings and will continue to innovate and lead the internet security industry. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results 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; and general market, political, economic and business conditions. 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 9, 2012. 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 net income, operating income, operating margin and earnings per share, which are adjustments from results based on GAAP to exclude non-cash equity-based compensation charges, amortization of acquired intangible assets, loss (gain) on sale of marketable securities previously impaired, 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 in order to assist the investment community to see 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 business internally and as such has determined that it is important to provide this information to investors.
CHECK POINT SOFTWARE TECHNOLOGIES LTD.
CONSOLIDATED STATEMENT OF INCOME
(In thousands, except per share amounts)
Three Months Ended Year Ended
----------------------- -----------------------
December 31, December 31,
----------------------- -----------------------
2012 2011 2012 2011
----------- ----------- ----------- -----------
(unaudited) (unaudited) (unaudited) (audited)
Revenues:
Products and licenses $ 150,907 $ 158,229 $ 505,280 $ 503,475
Software updates,
maintenance and
subscription 217,667 198,529 837,415 743,511
----------- ----------- ----------- -----------
Total revenues 368,574 356,758 1,342,695 1,246,986
----------- ----------- ----------- -----------
Operating expenses:
Cost of products and
licenses 26,216 25,648 87,097 81,043
Cost of software updates,
maintenance and
subscription 17,918 17,483 68,082 63,469
Amortization of technology 294 7,623 3,982 31,171
----------- ----------- ----------- -----------
Total cost of revenues 44,428 50,754 159,161 175,683
Research and development 29,290 26,917 111,911 110,147
Selling and marketing 65,930 68,414 255,345 253,800
General and administrative 18,455 18,062 69,743 65,182
----------- ----------- ----------- -----------
Total operating expenses 158,103 164,147 596,160 604,812
----------- ----------- ----------- -----------
Operating income 210,471 192,611 746,535 642,174
Financial income, net 9,644 10,041 40,332 41,040
----------- ----------- ----------- -----------
Income before taxes on
income 220,115 202,652 786,867 683,214
Taxes on income 46,129 42,840 166,867 139,248
----------- ----------- ----------- -----------
Net income $ 173,986 $ 159,812 $ 620,000 $ 543,966
=========== =========== =========== ===========
Earnings per share (basic) $ 0.87 $ 0.78 $ 3.04 $ 2.63
=========== =========== =========== ===========
Number of shares used in
computing earnings per
share (basic) 200,230 206,083 203,918 206,917
=========== =========== =========== ===========
Earnings per share (diluted) $ 0.85 $ 0.75 $ 2.96 $ 2.54
=========== =========== =========== ===========
Number of shares used in
computing earnings per
share (diluted) 204,258 212,807 209,170 213,922
=========== =========== =========== ===========
CHECK POINT SOFTWARE TECHNOLOGIES LTD.
RECONCILIATION OF GAAP TO NON GAAP FINANCIAL INFORMATION
(In thousands, except per share amounts)
Three Months Ended Year Ended
------------------------ ------------------------
December 31, December 31,
------------------------ ------------------------
2012 2011 2012 2011
----------- ----------- ----------- -----------
(unaudited) (unaudited) (unaudited) (unaudited)
GAAP operating income $ 210,471 $ 192,611 $ 746,535 $ 642,174
Stock-based compensation
(1) 11,552 10,195 45,287 39,835
Amortization of
intangible assets (2) 922 10,848 7,028 43,925
----------- ----------- ----------- -----------
Non-GAAP operating
income $ 222,945 $ 213,654 $ 798,850 $ 725,934
=========== =========== =========== ===========
GAAP net income $ 173,986 $ 159,812 $ 620,000 $ 543,966
Stock-based compensation
(1) 11,552 10,195 45,287 39,835
Amortization of
intangible assets (2) 922 10,848 7,028 43,925
Gain on sale of
marketable securities,
previously impaired (3) - - - (2,017)
Taxes on the above items
(4) (1,359) (2,742) (4,372) (12,120)
----------- ----------- ----------- -----------
Non-GAAP net income $ 185,101 $ 178,113 $ 667,943 $ 613,589
=========== =========== =========== ===========
GAAP Earnings per share
(diluted) 0.85 $ 0.75 $ 2.96 $ 2.54
Stock-based compensation
(1) 0.06 0.05 0.22 0.19
Amortization of
intangible assets (2) 0.01 0.05 0.03 0.21
Gain on sale of
marketable securities,
previously impaired (3) - - - (0.01)
Taxes on the above items
(4) (0.01) (0.01) (0.02) (0.06)
----------- ----------- ----------- -----------
Non-GAAP Earnings per
share (diluted) $ 0.91 $ 0.84 $ 3.19 $ 2.87
=========== =========== =========== ===========
Number of shares used in
computing Non-GAAP
earnings per share
(diluted) 204,258 212,807 209,170 213,922
=========== =========== =========== ===========
(1) Stock-based
compensation:
Cost of products and
licenses $ 18 $ 17 $ 68 $ 58
Cost of software
updates, maintenance
and subscriptions 222 229 761 909
Research and
development 2,090 1,852 8,594 7,471
Selling and marketing 2,404 1,979 9,677 7,888
General and
administrative 6,818 6,118 26,187 23,509
----------- ----------- ----------- -----------
11,552 10,195 45,287 39,835
----------- ----------- ----------- -----------
(2) Amortization of
intangible assets:
Amortization of
technology - cost of
revenues 294 7,623 3,982 31,171
Selling and marketing 628 3,225 3,046 12,754
----------- ----------- ----------- -----------
922 10,848 7,028 43,925
----------- ----------- ----------- -----------
(3) Gain on sale of
marketable securities,
previously impaired - - - (2,017)
----------- ----------- ----------- -----------
(4) Taxes on the above
items (1,359) (2,742) (4,372) (12,120)
----------- ----------- ----------- -----------
Total, net $ 11,115 $ 18,301 $ 47,943 $ 69,623
=========== =========== =========== ===========
* Year ended December 31, 2011 include a non-cash gain of $ 2.0 million related to our marketable securities in accordance with ASC 320.
CHECK POINT SOFTWARE TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED BALANCE SHEET DATA
(In thousands)
ASSETS
December 31, December 31,
2012 2011
------------ ------------
(unaudited) (audited)
Current assets:
Cash and cash equivalents $ 574,802 $ 493,546
Marketable securities and short-term deposits 928,535 865,994
Trade receivables, net 373,755 357,418
Prepaid expenses and other current assets 47,827 53,045
------------ ------------
Total current assets 1,924,919 1,770,003
------------ ------------
Long-term assets:
Marketable securities 1,792,027 1,519,865
Property and equipment, net 36,973 36,639
Severance pay fund 6,038 6,052
Deferred tax asset, net 25,553 25,296
Other intangible assets, net 19,211 26,239
Goodwill 727,875 727,875
Other assets 19,797 16,094
------------ ------------
Total long-term assets 2,627,474 2,358,060
------------ ------------
Total assets $ 4,552,393 $ 4,128,063
============ ============
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities:
Deferred revenues $ 524,627 $ 490,655
Trade payables and other accrued liabilities 346,568 271,815
------------ ------------
Total current liabilities 871,195 762,470
------------ ------------
Long-term deferred revenues 65,063 61,523
Income tax accrual 259,547 219,469
Deferred tax liability, net - 1,274
Accrued severance pay 10,279 10,236
------------ ------------
334,889 292,502
------------ ------------
Total liabilities 1,206,084 1,054,972
------------ ------------
Shareholders' equity:
Share capital 774 774
Additional paid-in capital 693,212 630,508
Treasury shares at cost (1,955,328) (1,543,886)
Accumulated other comprehensive income 14,606 12,650
Retained earnings 4,593,045 3,973,045
------------ ------------
Total shareholders' equity 3,346,309 3,073,091
------------ ------------
Total liabilities and shareholders' equity $ 4,552,393 $ 4,128,063
============ ============
Total cash and cash equivalents, marketable
securities and short-term deposits $ 3,295,364 $ 2,879,405
============ ============
CHECK POINT SOFTWARE TECHNOLOGIES LTD.
SELECTED CONSOLIDATED CASH FLOW DATA
(In thousands)
Three Months Ended Year Ended
------------------------ ------------------------
December 31, December 31,
------------------------ ------------------------
2012 2011 2012 2011
----------- ----------- ----------- -----------
(unaudited) (unaudited) (unaudited) (unaudited)
Cash flow from
operating
activities:
Net income $ 173,986 $ 159,812 $ 620,000 $ 543,966
Adjustments to
reconcile net
income to net cash
provided by
operating
activities:
Depreciation of
property and
equipment 1,851 2,260 7,861 7,620
Amortization of
intangible assets 922 10,848 7,028 43,925
Stock-based
compensation 11,552 10,195 45,287 39,835
Increase in trade
and other
receivables, net (126,966) (156,527) (11,746) (78,590)
Gain on sale of
marketable
securities,
previously impaired - - - (2,017)
Realized gain on
marketable
securities (943) (208) (1,436) (672)
Increase in deferred
revenues, trade
payables and other
accrued liabilities 157,384 152,635 161,344 179,722
Excess tax benefit
from stock-based
compensation (9,510) (3,208) (11,129) (7,956)
Deferred income
taxes, net (5,828) (2,581) (1,453) (10,959)
----------- ----------- ----------- -----------
Net cash provided by
operating
activities 202,448 173,226 815,756 714,874
----------- ----------- ----------- -----------
Cash flow from
investing
activities:
Cash paid in
conjunction with
acquisitions, net
of acquired cash - (15,060) - (21,616)
Investment in
property and
equipment (3,319) (1,721) (8,195) (7,195)
----------- ----------- ----------- -----------
Net cash used in
investing
activities (3,319) (16,781) (8,195) (28,811)
----------- ----------- ----------- -----------
Cash flow from
financing
activities:
Proceeds from
issuance of shares
upon exercise of
options 5,551 20,115 61,011 71,493
Purchase of treasury
shares (160,106) (75,000) (466,164) (300,000)
Excess tax benefit
from stock-based
compensation 9,510 3,208 11,129 7,956
----------- ----------- ----------- -----------
Net cash used in
financing
activities (145,045) (51,677) (394,024) (220,551)
----------- ----------- ----------- -----------
Unrealized gain
(loss) on
marketable
securities, net (5,504) (1,833) 2,422 (1,053)
----------- ----------- ----------- -----------
Increase in cash and
cash equivalents,
marketable
securities and
short-term deposits 48,580 102,935 415,959 464,459
Cash and cash
equivalents,
marketable
securities and
short-term deposits
at the beginning of
the period 3,246,784 2,776,470 2,879,405 2,414,946
----------- ----------- ----------- -----------
Cash and cash
equivalents,
marketable
securities and
short-term deposits
at the end of the
period $ 3,295,364 $ 2,879,405 $ 3,295,364 $ 2,879,405
=========== =========== =========== ===========
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