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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Check Point Software Technologies Inc | NASDAQ:CHKP | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.38 | 0.90% | 154.05 | 153.85 | 154.04 | 154.12 | 152.29 | 152.32 | 162,640 | 17:21:09 |
5 Ha’solelim Street, Tel Aviv, Israel
(Address of principal executive offices)
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INVESTOR CONTACT:
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MEDIA CONTACT:
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Kip E. Meintzer
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Lindsay Bubbico
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Check Point Software Technologies
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Check Point Software Technologies
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+1.650.628.2040
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+1.917.754.3013
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ir@checkpoint.com
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press@checkpoint.com
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Total Revenue: $395 million, representing a 9 percent increase year over year
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·
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Non-GAAP Operating Income: $221 million, representing a 7 percent increase year over year
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Non-GAAP EPS: $0.99, representing an 11 percent increase year over year
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Deferred Revenues: $780 million, representing an 18 percent increase year over year
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Total Revenue: $395 million compared to $363 million in the second quarter of 2014.
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GAAP Operating Income: $199 million compared to $190 million in the second quarter of 2014.
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Non-GAAP Operating Income: $221 million compared to $207 million in the second quarter of 2014.
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GAAP Net Income and Earnings per Diluted Share: GAAP net income was $163 million compared to $160 million in the second quarter of 2014. GAAP earnings per diluted share were $0.88 compared to $0.83 in the second quarter of 2014.
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·
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Non-GAAP Net Income and Earnings per Diluted Share: Non-GAAP net income was $183 million compared to $172 million in the second quarter of 2014. Non-GAAP earnings per diluted share were $0.99 compared to $0.89 in the second quarter of 2014.
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·
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Deferred Revenues: As of June 30, 2015, deferred revenues were $780 million compared to $660 million as of June 30, 2014.
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Cash Flow: Cash flow from operations increased to $193 million from $168 million in the second quarter of 2014.
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Share Repurchase Program: During the second quarter of 2015, the company repurchased 2.9 million shares at a total cost of $245 million compared to $194 million in the second quarter of 2014.
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Cash Balances, Marketable Securities and Short Term Deposits: $3,611 million as of June 30, 2015, compared to $3,643 million as of June 30, 2014. The change reflects our strong cash flow, offset by expanded share repurchase program and the Company’s recent acquisitions.
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·
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Needham 2015 Software and Services Conference
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August 5, 2015 – New York, NY
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Pacific Crest 17th Annual Global Technology Leadership Forum
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August 11, 2015 – Vail, CO
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Citi 2015 Global Technology Conference
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September 10, 2015 – New York, NY
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Deutsche Bank 2015 Technology Conference
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September 16-17, 2015 – Las Vegas, NV (1x1 meetings only)
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Three Months Ended
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Six Months Ended
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June 30,
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June 30,
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|||||||||||||||
2015
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2014
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2015
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2014
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|||||||||||||
(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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|||||||||||||
Revenues:
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||||||||||||||
Products and licenses
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$ | 132,284 | $ | 124,342 | $ | 246,581 | $ | 232,281 | ||||||||
Software Blades subscriptions
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76,627 | 63,743 | 150,976 | 125,500 | ||||||||||||
Total revenues from products and software blades
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208,911 | 188,085 | 397,557 | 357,781 | ||||||||||||
Software updates and maintenance
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186,423 | 174,513 | 370,353 | 347,023 | ||||||||||||
Total revenues
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395,334 | 362,598 | 767,910 | 704,804 | ||||||||||||
Operating expenses:
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||||||||||||||||
Cost of products and licenses
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23,973 | 22,353 | 44,933 | 42,413 | ||||||||||||
Cost of software blades subscriptions
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1,787 | 1,092 | 3,311 | 2,602 | ||||||||||||
Total cost of products and software blades
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25,760 | 23,445 | 48,244 | 45,015 | ||||||||||||
Cost of Software updates and maintenance
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19,303 | 17,506 | 37,973 | 34,754 | ||||||||||||
Amortization of technology
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540 | 60 | 716 | 120 | ||||||||||||
Total cost of revenues
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45,603 | 41,011 | 86,933 | 79,889 | ||||||||||||
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||||||||||||||||
Research and development
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36,230 | 33,451 | 71,754 | 66,417 | ||||||||||||
Selling and marketing
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92,126 | 79,821 | 168,142 | 148,435 | ||||||||||||
General and administrative
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22,297 | 18,394 | 44,988 | 35,644 | ||||||||||||
Total operating expenses
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196,256 | 172,677 | 371,817 | 330,385 | ||||||||||||
Operating income
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199,078 | 189,921 | 396,093 | 374,419 | ||||||||||||
Financial income, net
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8,582 | 7,298 | 16,620 | 14,447 | ||||||||||||
Income before taxes on income
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207,660 | 197,219 | 412,713 | 388,866 | ||||||||||||
Taxes on income
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45,024 | 37,563 | 89,194 | 76,125 | ||||||||||||
Net income
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$ | 162,636 | $ | 159,656 | $ | 323,519 | $ | 312,741 | ||||||||
Basic earnings per share
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$ | 0.90 | $ | 0.84 | $ | 1.78 | $ | 1.64 | ||||||||
Number of shares used in computing basic earnings per share
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180,416 | 189,933 | 181,767 | 190,972 | ||||||||||||
Diluted earnings per share
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$ | 0.88 | $ | 0.83 | $ | 1.74 | $ | 1.61 | ||||||||
Number of shares used in computing diluted earnings per share
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185,140 | 193,380 | 186,391 | 194,566 |
Three Months Ended
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Six Months Ended
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June 30,
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June 30,
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|||||||||||||||
2015
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2014
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2015
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2014
|
|||||||||||||
(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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|||||||||||||
GAAP operating income
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$ | 199,078 | $ | 189,921 | $ | 396,093 | $ | 374,419 | ||||||||
Stock-based compensation (1)
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18,801 | 16,587 | 36,578 | 29,058 | ||||||||||||
Amortization of intangible assets and acquisition related expenses (2)
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3,317 | 535 | 4,603 | 1,070 | ||||||||||||
Non-GAAP operating income
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$ | 221,196 | $ | 207,043 | $ | 437,274 | $ | 404,547 | ||||||||
GAAP net income
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$ | 162,636 | $ | 159,656 | $ | 323,519 | $ | 312,741 | ||||||||
Stock-based compensation (1)
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18,801 | 16,587 | 36,578 | 29,058 | ||||||||||||
Amortization of intangible assets and acquisition related expenses (2)
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3,317 | 535 | 4,603 | 1,070 | ||||||||||||
Taxes on the above items (3)
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(1,844 | ) | (4,679 | ) | (2,948 | ) | (6,868 | ) | ||||||||
Non-GAAP net income
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$ | 182,910 | $ | 172,099 | $ | 361,752 | $ | 336,001 | ||||||||
Diluted GAAP Earnings per share
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$ | 0.88 | $ | 0.83 | $ | 1.74 | $ | 1.61 | ||||||||
Stock-based compensation (1)
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0.10 | 0.08 | 0.11 | 0.15 | ||||||||||||
Amortization of intangible assets and acquisition related expenses (2)
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0.01 | - | 0.03 | 0.01 | ||||||||||||
Taxes on the above items (3)
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- | (0.02 | ) | (0.02 | ) | (0.04 | ) | |||||||||
Diluted Non-GAAP Earnings per share
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$ | 0.99 | $ | 0.89 | $ | 1.86 | $ | 1.73 | ||||||||
Number of shares used in computing diluted Non-GAAP earnings per share
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185,140 | 193,380 | 186,391 | 194,566 | ||||||||||||
(1) Stock-based compensation:
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Cost of products and licenses
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$ | 16 | $ | 22 | $ | 30 | $ | 38 | ||||||||
Cost of software updates and maintenance
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400 | 240 | 714 | 425 | ||||||||||||
Research and development
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2,862 | 2,661 | 5,241 | 4,754 | ||||||||||||
Selling and marketing
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4,323 | 3,874 | 7,919 | 6,202 | ||||||||||||
General and administrative
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11,200 | 9,790 | 22,674 | 17,639 | ||||||||||||
$ | 18,801 | $ | 16,587 | $ | 36,578 | $ | 29,058 | |||||||||
(2) Amortization of intangible assets and acquisition related expenses:
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Amortization of technology-cost of revenues
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$ | 540 | $ | 60 | $ | 716 | $ | 120 | ||||||||
Research and development
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1,897 | - | 2,352 | - | ||||||||||||
Selling and marketing
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880 | 475 | 1,535 | 950 | ||||||||||||
$ | 3,317 | $ | 535 | $ | 4,603 | $ | 1,070 | |||||||||
(3) Taxes on the above items
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$ | (1,844 | ) | $ | (4,679 | ) | $ | (2,948 | ) | $ | (6,868 | ) | ||||
Total, net
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$ | 20,274 | $ | 12,443 | $ | 38,233 | $ | 23,260 |
June 30,
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December 31,
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|||||||
2015
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2014
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(unaudited)
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(audited)
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Current assets:
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Cash and cash equivalents
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$ | 215,991 | $ | 261,970 | ||||
Marketable securities and short-term deposits
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1,011,113 | 1,050,492 | ||||||
Trade receivables, net
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243,223 | 366,700 | ||||||
Prepaid expenses and other current assets
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78,341 | 68,673 | ||||||
Total current assets
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1,548,668 | 1,747,835 | ||||||
Long-term assets:
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Marketable securities
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2,383,498 | 2,370,471 | ||||||
Property and equipment, net
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42,663 | 41,549 | ||||||
Severance pay fund
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5,571 | 5,491 | ||||||
Deferred tax asset, net
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16,888 | 14,368 | ||||||
Goodwill and other intangible assets, net
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840,001 | 741,960 | ||||||
Other assets
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47,704 | 27,144 | ||||||
Total long-term assets
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3,336,325 | 3,200,983 | ||||||
Total assets
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$ | 4,884,993 | $ | 4,948,818 |
LIABILITIES AND
SHAREHOLDERS’ EQUITY
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Current liabilities:
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Deferred revenues
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$ | 634,708 | $ | 651,281 | ||||
Trade payables and other accrued liabilities
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276,422 | 281,554 | ||||||
Total current liabilities
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911,130 | 932,835 | ||||||
Long-term liabilities:
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Long-term deferred revenues
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145,631 | 132,732 | ||||||
Income tax accrual
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264,036 | 235,705 | ||||||
Deferred tax liability, net
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372 | 504 | ||||||
Accrued severance pay
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9,796 | 9,483 | ||||||
419,835 | 378,424 | |||||||
Total liabilities
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1,330,965 | 1,311,259 | ||||||
Shareholders’ equity:
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Share capital
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774 | 774 | ||||||
Additional paid-in capital
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905,771 | 859,124 | ||||||
Treasury shares at cost
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(3,586,136 | ) | (3,126,685 | ) | ||||
Accumulated other comprehensive income (loss)
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4,684 | (1,070 | ) | |||||
Retained earnings
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6,228,935 | 5,905,416 | ||||||
Total shareholders’ equity
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3,554,028 | 3,637,559 | ||||||
Total liabilities and shareholders’ equity
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$ | 4,884,993 | $ | 4,948,818 | ||||
Total cash and cash equivalents, marketable securities and short-term deposits
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$ | 3,610,602 | $ | 3,682,933 |
Three Months Ended
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Six Months Ended
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June 30,
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June 30,
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|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
|
|||||||||||||
Cash flow from operating activities:
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||||||||||||||||
Net income
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$ | 162,636 | $ | 159,656 | $ | 323,519 | $ | 312,741 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities:
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Depreciation of property and equipment
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2,541 | 2,248 | 4,883 | 4,439 | ||||||||||||
Amortization of intangible assets
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998 | 535 | 1,632 | 1,070 | ||||||||||||
Stock-based compensation
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18,801 | 16,587 | 36,578 | 29,058 | ||||||||||||
Realized gain on marketable securities
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(7 | ) | (143 | ) | (79 | ) | (154 | ) | ||||||||
Decrease (increase) in trade and other receivables, net
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(26,167 | ) | (15,128 | ) | 95,203 | 130,015 | ||||||||||
Increase (decrease) in deferred revenues, trade payables and other accrued liabilities
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36,658 | 11,594 | 17,709 | (129,500 | ) | |||||||||||
Excess tax benefit from stock-based compensation
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(2,084 | ) | (2,674 | ) | (2,301 | ) | (1,952 | ) | ||||||||
Deferred income taxes, net
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(650 | ) | (4,703 | ) | 169 | (5,687 | ) | |||||||||
Net cash provided by operating activities
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192,726 | 167,972 | 477,313 | 340,030 | ||||||||||||
Cash flow from investing activities:
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Cash paid in conjunction with acquisitions, net of acquired cash
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(62,413 | ) | - | (96,544 | ) | - | ||||||||||
Investment in property and equipment
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(3,164 | ) | (2,328 | ) | (5,845 | ) | (4,531 | ) | ||||||||
Net cash used in investing activities
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(65,577 | ) | (2,328 | ) | (102,389 | ) | (4,531 | ) | ||||||||
Cash flow from financing activities:
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Proceeds from issuance of shares upon exercise of options
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2,228 | - | 34,015 | 47,418 | ||||||||||||
Purchase of treasury shares
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(244,997 | ) | (194,000 | ) | (486,682 | ) | (380,869 | ) | ||||||||
Excess tax benefit from stock-based compensation
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2,084 | 2,674 | 2,301 | 1,952 | ||||||||||||
Net cash used in financing activities
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(240,685 | ) | (191,326 | ) | (450,366 | ) | (331,499 | ) | ||||||||
Unrealized gain (loss) on marketable securities, net
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(9,392 | ) | 6,272 | 3,111 | 8,860 | |||||||||||
Increase (decrease) in cash and cash equivalents, marketable securities and short term deposits
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(122,928 | ) | (19,410 | ) | (72,331 | ) | 12,860 | |||||||||
Cash and cash equivalents, marketable securities and short term deposits at the beginning of the period
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3,733,530 | 3,662,194 | 3,682,933 | 3,629,924 | ||||||||||||
Cash and cash equivalents, marketable securities and short term deposits at the end of the period
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$ | 3,610,602 | $ | 3,642,784 | $ | 3,610,602 | $ | 3,642,784 |
CHECK POINT SOFTWARE TECHNOLOGIES LTD.
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By: |
/s/ Tal Payne
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Tal Payne
Chief Financial Officer
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1 Year Check Point Software Tec... Chart |
1 Month Check Point Software Tec... Chart |
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