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.
