Check Point Software Technologies announces impressive Reports of 2022 Second Quarter Financial

Check Point® Software Technologies Ltd. (NASDAQ: CHKP), announced its financial results for the second quarter ended June 30, 2022.

Second Quarter 2022:

Total Revenues: $571 million, a 9 percent increase year over year

Product & License Revenues: $133 million, a 12 percent increase year over year

Security Subscription Revenues: $210 million, a 14 percent increase year over year

Deferred Revenues: $1,666 million, a 13 percent increase year over year

GAAP Operating Income: $209 million, representing 37 percent of revenues

Non-GAAP Operating Income: $249 million, representing 44 percent of revenues

GAAP EPS: $1.36, a 1 percent decrease year over year

Non-GAAP EPS: $1.64, a 2 percent increase year over year

“We are pleased with our second quarter results. Total revenues achieved growth of 9 percent - more than double the rate of a year ago. This was driven by strength in products and subscriptions revenues which generated a strong increase of 12 and 14 percent respectively,” said Gil Shwed, Founder and CEO of Check Point Software Technologies. “Over the past quarter, cyber-attacks have increased by 32 percent while advanced attacks like ransomware have grown by 59 percent, underscoring why cyber-security is so critical to keep our world going. Our strategic vision of a consolidated prevention-first security architecture is more relevant than ever to combat today’s cyber challenges.”

Financial Highlights for the Second Quarter of 2022:

Total Revenues: $571 million compared to $526 million in the second quarter of 2021, a 9 percent increase year over year.

GAAP Operating Income: $209 million compared to $222 million in the second quarter of 2021, representing 37 percent and 42 percent of revenues in the second quarter of 2022 and 2021, respectively.

Non-GAAP Operating Income: $249 million compared to $257 million in the second quarter of 2021, representing 44 percent and 49 percent of revenues in the second quarter of 2022 and 2021, respectively.

GAAP Taxes on Income: $45 million compared to $47 million in the second quarter of 2021.

GAAP Net Income: $174 million compared to $186 million in the second quarter of 2021.

Non-GAAP Net Income: $209 million compared to $217 million in the second quarter of 2021.

GAAP earnings per Diluted share: $1.36 compared to $1.38 in the second quarter of 2021, a 1 percent decrease year over year.

Non-GAAP earnings per Diluted share: $1.64 compared to $1.61 in the second quarter of 2021, a 2 percent increase year over year.

Deferred Revenues: As of June 30, 2022, deferred revenues were $1,666 million compared to $1,472 million as of June 30, 2021, a 13 percent increase year over year.

Cash Balances, Marketable Securities and Short-Term Deposits: $3,676 million as of June 30, 2022, compared to $4,002 million as of June 30, 2021.

Cash Flow: Cash flow from operations of $212 million compared to $264 million in the second quarter of 2021.The second quarter of 2022 includes $47 million of expenses related to our currency hedging transactions and $30 million of tax expenses compared to $6 million of income related to our currency hedging transactions and $25 million of tax expenses in the second quarter of 2021.

Share Repurchase Program: During the second quarter of 2022, the company repurchased approximately 2.6 million shares at a total cost of approximately $325 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.”

Conference Call and Webcast Information
Check Point will host a conference call with the investment community on August 1, 2022, at 8:30 AM ET/5:30 AM PT. To listen to the live video cast or replay, please visit the website: www.checkpoint.com/ir.

Third Quarter Investor Conference Participation Schedule:

· KeyBanc Technology Leadership Forum
August 7-9, 2022, Vail, CO – Fireside Chat & 1x1’s

· Oppenheimer 25th Annual Virtual Technology, Internet & Communications Conference
August 10, 2022 – Virtual 1x1’s

· Deutsche Bank 2022 Technology Conference
August 30 - September 1, 2022, Las Vegas, NV – Fireside Chat & 1x1’s

· Citi 2022 Global Technology Virtual Conference
September 6-8, 2022, New York, NY – 1x1’s

· Piper Sandler 2022 Global Technology Conference
September 12-14, 2022, Nashville, TN – 1x1’s

· Goldman Sachs 2022 Communicopia + Technology Conference
September 15, 2022, San Francisco, CA – 1x1’s

Members of Check Point's management team anticipate attending these conferences and events to discuss the latest company strategies and initiatives. Check Point’s conference presentations if applicable will be available via webcast on the company's web site. To hear 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.