| Check Point Software Technologies Ltd. (NASDAQ: CHKP), today announced its financial results for the third quarter that ended September 30, 2024. |
| Third Quarter 2024: |
- Total Revenues: $635 million, a 7per cent increase year over year
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- Security Subscriptions Revenues: $277 million, a 12per cent increase year over year
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- GAAP Operating Income: $218 million, representing 34 percent of revenues
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- Non-GAAP Operating Income: $274 million, representing 43 percent of revenues
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- GAAP EPS: $1.83, a 4per cent increase year over year
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- Non-GAAP EPS: $2.25, a 9per cent increase year over year
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| “Check Point delivered great third-quarter financial results that were bolstered by double-digit Infinity Platform growth. This success is underscored by double-digit revenue growth in Harmony Email and Infinity Global Services,” said Gil Shwed, Check Point founder and CEO. “We expanded our offerings into the Security Operation Center (SOC) market with the Cyberint acquisition that delivers proactive, AI-powered threat intelligence and exposure management. We’re looking forward to continued success with our Infinity Platform and the broader adoption of our technologies as we close out the year.” |
| Financial Highlights for the Third Quarter of 2024: |
- Total Revenues: $635 million compared to $596 million in the third quarter of 2023, a 7 per cent increase year over year.
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- GAAP Operating Income: $218 million compared to $226 million in the third quarter of 2023, representing 34 per cent and 38 per cent of total revenues in the third quarter of 2024 and 2023, respectively.
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- Non-GAAP Operating Income: $274 million compared to $269 million in the third quarter of 2023, representing 43per cent and 45 per cent of total revenues in the third quarter of 2024 and 2023, respectively
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- GAAP Taxes on Income: $37 million compared to $39 million in the third quarter of 2023.
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- GAAP Net Income: $207 million compared to $205 million in the third quarter of 2023.
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- Non-GAAP Net Income: $255 million compared to $242 million in the third quarter of 2023.
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- GAAP Earnings per Diluted share: $1.83 compared to $1.75 in the third quarter of 2023, a 4per cent increase year over year.
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- Non-GAAP Earnings per Diluted share: $2.25 compared to $2.07 in the third quarter of 2023, a 9 per cent increase year over year.
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- Deferred Revenues: As of September 30, 2024, deferred revenues were $1,745 million compared to $1,709 million as of September 30, 2023, a 2 per cent increase year over year.
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- Cash Balances, Marketable Securities and Short-Term Deposits: $2,873 million as of September 30, 2024, compared to $2,989 million as of September 30, 2023.
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- Cash Flow: During the quarter we acquired Cyberint Ltd, a pioneering provider of External Risk Management solutions, for $186 million net cash consideration. Cash flow from operations was $249 million, and acquisition-related costs for the current quarter were insignificant. This compares to $222 million in the third quarter of 2023, which included $22 million in costs related to acquisitions.
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- Share Repurchase Program: During the third quarter of 2024, we repurchased approximately 1.79 million shares at a total cost of approximately $325 million.
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| 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.” |
| For the full document click the link below: |
| Check Point Software Technologies Ltd |
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