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Check Point Software Technologies Reports 2021 Second Quarter Financial Results

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SAN CARLOS, Calif., July 26, 2021 (GLOBE NEWSWIRE) — Check Point® Software Technologies Ltd. (NASDAQ: CHKP), today announced its financial results for the second quarter ended June 30, 2021.

Second Quarter 2021:

  • Total Revenue: $526 million, a 4 percent increase year over year
  • Deferred Revenues: $1,472 million, a 10 percent increase year over year
  • GAAP Operating Income: $222 million, representing 42 percent of revenues
  • Non-GAAP Operating Income: $257 million, representing 49 percent of revenues
  • GAAP EPS: $1.38, same as last year
  • Non-GAAP EPS: $1.61, a 2 percent increase year over year
  • Cash flow from operations: $264 million, a 4 percent increase year over year

“We had a good second quarter. Strong execution drove double-digit growth across CloudGuard and Harmony, and triple-digit growth in Infinity platform sales. Overall we grew our security subscription revenues by 12 percent,” said Gil Shwed, Founder and CEO of Check Point Software Technologies. “We’ve seen a 93 percent increase in ransomware attacks, as Gen V attacks are now the new norm. We believe organizations can stop the next cyber pandemic by adopting a prevention-first approach to security across the network, cloud and remote users.”

Financial Highlights for the Second Quarter of 2021:

  • Total Revenue: $526 million compared to $506 million in the second quarter of 2020, a 4 percent increase year over year.
  • GAAP Operating Income: $222 million compared to $221 million in the second quarter of 2020, representing 42 percent and 44 percent of revenues in the second quarter of 2021 and 2020, respectively.
  • Non-GAAP Operating Income: $257 million compared to $253 million in the second quarter of 2020, representing 49 percent and 50 percent of revenues in the second quarter of 2021 and 2020, respectively.
  • GAAP Taxes on Income: $47 million compared to $43 million in the second quarter of 2020.
  • GAAP Net Income: $186 million compared to $196 million in the second quarter of 2020.
  • Non-GAAP Net Income: $217 million compared to $225 million in the second quarter of 2020.
  • GAAP Earnings per Diluted share: $1.38 same as in the second quarter of 2020.
  • Non-GAAP Earnings per Diluted share$1.61 compared to $1.58 in the second quarter of 2020, a 2 percent increase year over year.
  • Deferred Revenues: As of June 30, 2021, deferred revenues were $1,472 million compared to $1,338 million as of June 30, 2020, a 10 percent increase year over year.
  • Cash Balances, Marketable Securities and Short Term Deposits: $4,002 million as of June 30, 2021, compared to $3,959 million as of June 30, 2020.
  • Cash Flow: Cash flow from operations of $264 million compared to $252 million in the second quarter of 2020, a 4 percent increase year over year.
  • Share Repurchase Program: During the second quarter of 2021, the company repurchased approximately 2.7 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.”

Business Highlights

In June, Check Point Software Technologies extended the capabilities of its Quantum Hybrid Data Center Security solution to deliver advanced protection for complex hybrid data centers.

  • Check Point R81.10 software: New version of the Cyber Security platform delivers major improvements in security operational efficiency with unified security management from the web browser and parallel multi-admin support.
  • The latest Quantum Maestro 175: Enables Quantum gateway orchestration to the capacity and performance of 52 gateways in minutes, giving companies elastic flexibility with Terabit per second threat prevention throughput
  • Quantum Smart-1: Security Management appliances provide advanced protections for complex hybrid data centers with automated operations and an ultra-scalable platform.

To support the new ‘work from anywhere’ (WFA) environment, organizations accelerated their transition to the cloud which left them vulnerable to cloud-targeted attacks. Check Point expanded the capabilities of its unified Cloud Native Security Platform, to deliver application-first workload protection with Check Point CloudGuard Workload Protection. This fully automated cloud workload security solution empowers security teams with tools to automate security across applications, Application Programing Interfaces (APIs) and microservices from development to runtime via a single interface.

Check Point extended its multi-cloud support through the integration of Check Point CloudGuard with Alibaba Cloud, the digital intelligence and technology backbone of Alibaba Group and a global leader in cloud computing and artificial intelligence. Alibaba Cloud’s customers will benefit from enhanced cloud network security and posture management, while other organizations have the opportunity to leverage Alibaba Cloud within their multi-cloud environments.

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Partnerships & Customers

Throughout the quarter, Check Point demonstrated its ongoing commitment to provide cyber-security education and training at all levels. In May, Check Point launched the Global Cloud Academy Education with its Platinum Elite ATC Partners – Arrow Electronics, Red Education and Westcon Security. Check Point is the first security solutions provider to address the knowledge gap in the industry by offering a dedicated certified education program specializing in cloud security globally.

In April, Check Point Software introduced new initiatives to its channel sales model to further accelerate benefits and profits for partners. The four new initiatives in Check Point’s Partner Growth Program further increase value to partners, and accelerate their access to benefits and rewards for sales-generating activities through closer collaboration with Check Point.

In July, Check Point Software became a sponsor of Deloitte’s new Industry 4.0 immersive experience center based in Wichita. The sponsorship identifies the need for cyber security as a core component of any secure smart factory and enables Check Point customers’ access to experience the advanced manufacturing methods and technologies at the heart of digital transformation.

Research & Cyber Security

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Ransomware attacks continue to Surge, hitting a 93% increase year over year: Check Point Research (CPR) issued an updated data snapshot of global ransomware trends, including attacks per organizations by industry and regional attack trends. CPR found that average number of ransomware attacks each week increased by 20% in the last two months, 41% in the last six months, and 93% in the last 12 months. The recent attack on a U.S. pipeline is confirmation that the acceleration in sophisticated ransomware attacks is continuing. Following this attack, Check Point Research warned of a new ransomware threat called Triple Extortion.

Vulnerabilities in Applications & Infrastructure:

Security Flaws in Atlassian’s Platform Led to Account Takeover in One Click: Check Point Research (CPR) identified security flaws on Atlassian, the team collaboration and productivity platform used by 180,000 customers worldwide. With just one click, an attacker could have used the flaws to take over accounts and control some of Atlassian’s applications, including Jira and Confluence.

Four Security Vulnerabilities were found in Microsoft Office: Four security vulnerabilities affected products in the Microsoft Office suite, including Excel and Office online. If exploited, the vulnerabilities would grant an attacker the ability to execute code on targets via malicious Office documents, such as Word (.DOCX), Excel (.XLS) and Outlook (.EML). The vulnerabilities are the result of parsing mistakes made in legacy code found in Excel95 File Formats, giving researchers reason to believe that the security flaws have existed for several years.

Misconfiguration of third party cloud services exposed data of over 100 million users: After examining 23 Android applications on Google Play, Check Point discovered that mobile app developers have exposed the personal data of over 100 million users through a variety of misconfigurations of third party cloud services. Personal data included emails, chat messages, location, passwords and photos which, in hands of hackers, could lead to fraud and identity-theft.

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Companies’ 5 Million Personal identifiable information records detected on an AWS service due to misconception of users: By analyzing and enumerating public AWS Systems Manager (SSM) documents, CPR retrieved over five million personally identifiable information records and credit card transactions of companies, including a global sportswear manufacturer.

Android users’ privacy at risk as Check Point Research identifies vulnerability on Qualcomm’s mobile station modems: Check Point Research (CPR) found a security vulnerability in Qualcomm’s mobile station modem (MSM), the chip responsible for cellular communication in nearly 40% of the world’s phones. If exploited, the vulnerability would have allowed an attacker to use Android OS itself as an entry point to inject malicious and invisible code into phones, granting them access to SMS messages and audio of phone conversations.

Malware and Campaigns Research:

Cybercriminals go after Amazon Prime Day Shoppers: Cybercriminals impersonated the Amazon brand ahead of the annual shopping event in order to trick consumers into credential theft of their email addresses, payment details and passwords, and more. In the run-up to Amazon Prime Day 2021, nearly 80% of domains containing the word “Amazon” were potentially dangerous.

New ‘ToxicEye’ RAT is the latest to use Telegram for command & control: There is a growing cyber threat where hackers use Telegram, the instant messaging app with over 500 million active users, as a command and control system to distribute malware into organizations. Even when Telegram is not installed or being used, the system allows hackers to send malicious commands and operations remotely via the instant messaging app.

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Research & Recognitions

We continued our focus on security through innovation, industry research and recognition including:

Secure Access Service Edge (SASE) Solutions are the Future: Survey Uncovers Organizations’ Security Priorities for Hybrid Working: Check Point revealed the results from a survey showing how organizations have been impacted by the pandemic, particularly when it comes to IT and security strategies. The survey of 450 IT and security professionals revealed the impact that the pandemic has had on organizations as well as their security priorities for the hybrid workplace

Check Point Software Technologies Recognized as a Microsoft Security 20/20 Partner Award Winner for Most Transformative Integration Partner: At the second annual Microsoft Security 20/20 Awards held May 12, 2021, Microsoft announced award winners in 18 categories spanning security, compliance and identity. This year, Check Point Software is a winner for Microsoft Security 20/20 Most Transformative Integration Partner award. The company was honored among a global field of top Microsoft partners for demonstrating excellence in innovation, integration, and customer implementation with Microsoft technology.

MITRE Engenuity ATT&CK® Evaluations Highlight Check Point Software’s Leadership in Endpoint Security: In the MITRE ATT&CK Endpoint Protection Product Evaluation, Check Point Harmony Endpoint successfully detected 100% of the unique techniques used during the evaluations. Furthermore, Check Point Harmony Endpoint achieved the highest technique detection level for 96% of the unique techniques used in the evaluations.

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Conference Call and Webcast Information
Check Point will host a conference call with the investment community on July 26, 2021, 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:

  • Oppenheimer 24th Annual Virtual Technology, Internet & Communications Conference
    August 9, 2021 – Virtual 1×1’s
  • Nasdaq Virtual Asia Investor Conference
    August 9-10, 2021 – Virtual 1×1’s
  • KeyBanc Virtual Technology Leadership Forum
    August 11, 2021 – Virtual Fireside Chat & 1×1’s
  • BMO 2021 Virtual Technology Summit
    August 24, 2021 – Virtual Fireside Chat & 1×1’s
  • Deutsche Bank 2021 Technology Conference
    September 9-10, 2021 – Physical 1×1’s
  • Citi 2021 Global Technology Virtual Conference
    September 13, 2021 – Virtual 1×1’s
  • Piper Sandler 2021 Virtual Global Technology Conference
    September 14, 2021 – Virtual 1×1’s
  • Jefferies 2021 Virtual Technology Conference
    September 14, 2021 – Virtual 1×1’s
  • Morningstar Management Behind The Moat Virtual Conference
    September 15, 2021 – Virtual 1×1’s

Members of Check Point’s management team are expected to 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 access these presentations and the most updated information please visit the company’s web site at www.checkpoint.com/ir. The schedule is subject to change.

About Check Point Software Technologies Ltd.
Check Point Software Technologies Ltd. (www.checkpoint.com) is a leading provider of cyber security solutions to governments and corporate enterprises globally. Check Point Infinity’s portfolio of solutions protects enterprises and public organizations from 5th generation cyber-attacks with an industry leading catch rate of malware, ransomware and other threats. Infinity comprises three core pillars delivering uncompromised security and generation V threat prevention across enterprise environments: Check Point Harmony, for remote users; Check Point CloudGuard, to automatically secure clouds; and Check Point Quantum, to protect network perimeters and datacenters, all controlled by the industry’s most comprehensive, intuitive unified security management. Check Point protects over 100,000 organizations of all sizes.

©2021 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 regarding our products and solutions and partnerships, the effects on our business of the COVID-19 pandemic, expectations related to our new channel initiatives, and our participation in investor conferences during the third quarter of 2021. Our expectations and beliefs regarding these matters may not materialize, and actual results or events in the future are subject to risks and uncertainties that could cause actual results or events 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 continued effects on our business of the COVID-19 pandemic, 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 2, 2021. 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.

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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 operating income, net income and earnings per diluted share, which are adjustments from results based on GAAP to exclude, as applicable, stock-based compensation expenses, amortization of intangible assets and acquisition related expenses 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

(Unaudited, in millions, except per share amounts)

 

Three Months Ended

 

Six Months Ended

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June 30,

 

June 30,

   

2021

   

2020

   

2021

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2020

Revenues:

         

 

         

       

Products and licenses

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$

119.1

 

$

         122.6

 

$

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228.4

 

$

232.8

Security subscriptions

 

183.7

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164.0

   

361.1

   

322.8

Total revenues from products and security
subscriptions

 

302.8

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286.6

   

589.5

   

555.6

Software updates and maintenance

 

223.3

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219.0

   

444.2

   

436.5

Total revenues

 

526.1

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505.6

   

1,033.7

   

992.1

               

Operating expenses:

             

Cost of products and licenses

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23.2

   

22.5

   

44.8

   

43.4

Cost of security subscriptions

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8.7

   

6.1

   

16.7

   

12.6

Total cost of products and security
subscriptions

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31.9

   

28.6

   

61.5

   

56.0

Cost of Software updates and
maintenance

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25.6

   

 

24.0

   

 

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50.9

   

 

47.2

Amortization of technology

 

1.7

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1.6

   

3.4

   

3.2

Total cost of revenues

 

59.2

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54.2

   

115.8

   

106.4

  

             

Research and development

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67.5

   

62.4

   

135.9

   

124.6

Selling and marketing

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148.9

   

140.4

   

288.9

   

283.4

General and administrative

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28.2

   

27.7

   

56.0

   

56.2

Total operating expenses

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303.8

   

284.7

   

596.6

   

570.6

               

Operating income

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222.3

   

220.9

   

437.1

   

421.5

Financial income, net

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10.4

   

18.7

   

23.0

   

38.0

Income before taxes on income

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232.7

   

239.6

   

460.1

   

459.5

Taxes on income

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46.7

   

43.2

   

91.2

   

84.4

Net income

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$

186.0

 

$

         196.4

 

$

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368.9

 

$

375.1

Basic earnings per share

$

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1.39

 

$

           1.39

 

$

2.74

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$

2.63

Number of shares used in computing basic earnings per share

 

133.7

   

141.5

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134.8

   

142.8

Diluted earnings per share

$

1.38

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$

           1.38

 

$

2.71

 

$

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2.58

Number of shares used in computing diluted earnings per share

 

134.8

   

142.6

   

136.1

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145.3

CHECK POINT SOFTWARE TECHNOLOGIES LTD.
SELECTED FINANCIAL METRICS
(Unaudited, in millions, except per share amounts)

   

Three Months Ended

 

Six Months Ended

   

June 30,

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June 30,

     

2021

   

2020

   

2021

   

2020

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Revenues

 

$

526.1

 

$

505.6

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$

1,033.7

 

$

     992.1

Non-GAAP operating income

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257.1

   

253.2

   

503.4

   

484.4

Non-GAAP net income

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217.0

   

225.0

   

428.2

   

430.9

Diluted Non-GAAP Earnings per share

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$

1.61

 

$

1.58

 

$

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                  3.15

 

$

                2.96

Number of shares used in computing diluted Non-GAAP earnings per share

   

134.8

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142.6

   

136.1

   

145.3

CHECK POINT SOFTWARE TECHNOLOGIES LTD.
RECONCILIATION OF GAAP TO NON GAAP FINANCIAL INFORMATION

(Unaudited, in millions, except per share amounts)

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Three Months Ended

 

Six Months Ended

   

June 30,

 

June 30,

     

2021

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2020

     

2021

     

2020

 
                 

GAAP operating income

 

$

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          222.3

   

$

          220.9

   

$

                437.1

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$

                421.5

 

Stock-based compensation (1)

   

29.9

     

28.0

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56.5

     

54.4

 

Amortization of intangible assets and
acquisition related expenses (2)

   

4.9

     

                  4.3

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9.8

     

8.5

 

Non-GAAP operating income

 

$

                  257.1

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$

                  253.2

   

$

                503.4

   

$

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                484.4

 
                 

GAAP net income

 

$

186.0

   

$

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196.4

   

$

368.9

   

$

375.1

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Stock-based compensation (1)

   

29.9

     

28.0

     

56.5

     

54.4

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Amortization of intangible assets and
acquisition related expenses (2)

   

4.9

     

4.3

     

           9.8

     

           8.5

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Taxes on the above items (3)

   

                  (3.8

)

   

                  (3.7

)

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           (7.0

)

   

           (7.1

)

Non-GAAP net income

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$

                  217.0

   

$

                  225.0

   

$

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                428.2

   

$

                430.9

 
                 

Diluted GAAP Earnings per share

 

$

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1.38

   

$

1.38

   

$

2.71

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$

2.58

 

Stock-based compensation (1)

   

0.22

     

0.20

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0.42

     

0.37

 

Amortization of intangible assets and
acquisition related expenses (2)

   

0.04

     

0.03

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0.07

     

0.06

 

Taxes on the above items (3)

   

(0.03

)

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(0.03

)

   

             (0.05

)

   

             (0.05

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)

Diluted Non-GAAP Earnings per share

 

$

                    1.61

   

$

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                    1.58

   

$

3.15

   

$

2.96

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Number of shares used in computing diluted
Non-GAAP earnings per share

   

134.8

     

142.6

     

136.1

     

145.3

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(1) Stock-based compensation:

               

Cost of products and licenses

 

$

0.1

   

$

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0.1

   

$

0.2

   

$

0.2

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Cost of software updates and maintenance

   

1.1

     

1.0

     

           2.0

     

1.9

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Research and development

   

7.2

     

5.5

     

13.7

     

10.3

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Selling and marketing

   

10.5

     

8.8

     

18.8

     

16.6

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General and administrative

   

11.0

     

12.6

     

21.8

     

25.4

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29.9

     

28.0

     

56.5

     

54.4

 
                 

(2) Amortization of intangible assets and
acquisition related expenses:

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Amortization of technology-cost of revenues

   

1.7

     

1.6

     

               3.4

     

               3.2

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Research and development

   

1.3

     

0.9

     

2.6

     

1.7

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Selling and marketing

   

1.9

     

1.8

     

3.8

     

3.6

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4.9

     

4.3

     

9.8

     

8.5

 

 

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(3) Taxes on the above items

   

(3.8

)

   

(3.7

)

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             (7.0

)

   

             (7.1

)

 

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Total, net

 

$

31.0

   

$

28.6

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$

                  59.3

   

$

                  55.8

 

CHECK POINT SOFTWARE TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED BALANCE SHEET DATA

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(Unaudited, in millions)

ASSETS

     

June 30,

 

December 31,

     

2021

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2020

Current assets:

         

Cash and cash equivalents

   

$

              356.6

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$

255.7

Marketable securities and short-term deposits

     

1,502.8

   

1,432.0

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Trade receivables, net

     

368.4

   

540.8

Prepaid expenses and other current assets

     

50.1

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50.1

Total current assets

     

2,277.9

   

2,278.6

           

Long-term assets:

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Marketable securities

     

2,142.6

   

2,311.9

Property and equipment, net

     

85.0

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88.1

Deferred tax asset, net

     

40.6

   

34.4

Goodwill and other intangible assets, net

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1,036.5

   

1,040.7

Other assets

     

76.9

   

85.5

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Total long-term assets

     

3,381.6

   

3,560.6

           

Total assets

   

$

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           5,659.5

 

$

5,839.2

LIABILITIES AND
SHAREHOLDERS’ EQUITY

Current liabilities:

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Deferred revenues

   

$

1,087.3

   

$

1,108.6

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Trade payables and other accrued liabilities

     

434.6

     

435.2

 

Total current liabilities

     

1,521.9

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1,543.8

 
           

Long-term liabilities:

         

Long-term deferred revenues

     

385.1

     

373.3

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Stake.com
 

Income tax accrual

     

452.1

     

422.8

 

Other long-term liabilities

     

29.8

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Stake.com
     

33.1

 
       

867.0

     

829.2

 
           

Total liabilities

     

2,388.9

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Stake.com
     

2,373.0

 
           

Shareholders’ equity:

         

Share capital

     

0.8

     

0.8

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Stake.com
 

Additional paid-in capital

     

2,106.1

     

2,028.4

 

Treasury shares at cost

     

(9,942.5

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Stake.com

)

   

(9,319.0

)

Accumulated other comprehensive gain

     

22.0

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Stake.com
     

40.7

 

Retained earnings

     

11,084.2

     

10,715.3

 

Total shareholders’ equity

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Stake.com
     

3,270.6

     

3,466.2

 

 

Total liabilities and shareholders’ equity

   

$

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Stake.com

5,659.5

   

$

5,839.2

 

Total cash and cash equivalents, marketable
securities and short-term deposits

   

$

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Stake.com

4,002.0

   

$

3,999.6

 

CHECK POINT SOFTWARE TECHNOLOGIES LTD.
SELECTED CONSOLIDATED CASH FLOW DATA

(Unaudited, in millions)

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Stake.com
 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

   

2021

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Stake.com
     

2020

     

2021

     

2020

 

Cash flow from operating activities:

             

Net income

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Stake.com

$

186.0

   

$

              196.4

   

$

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Stake.com

368.9

   

$

375.1

 

Adjustments to reconcile net income to net cash provided by
operating activities:

             

Depreciation of property and equipment

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Stake.com
 

5.5

     

        4.4

     

10.2

     

9.0

 

Amortization of intangible assets

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Stake.com
 

2.1

     

2.0

     

4.2

     

4.0

 

Stock-based compensation

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Stake.com
 

29.9

     

28.0

     

56.5

     

54.4

 

Realized gain on marketable securities

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Stake.com
 

(0.2

)

   

(0.5

)

   

(1.5

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Stake.com

)

   

(0.7

)

Decrease (increase) in trade and other receivables, net

 

(24.9

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Stake.com

)

   

(7.0

)

   

175.3

     

176.1

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Stake.com
 

Increase (decrease) in deferred revenues, trade payables and
other accrued liabilities

 

63.3

     

23.6

     

24.0

     

(17.0

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Stake.com

)

Deferred income taxes, net

 

1.9

     

5.5

     

0.5

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Stake.com
     

10.5

 

Net cash provided by operating activities

 

263.6

     

252.4

     

638.1

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Stake.com
     

611.4

 
               

Cash flow from investing activities:

             

Investment in property and equipment

 

(3.3

)

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Stake.com
   

(3.9

)

   

(7.1

)

   

(12.3

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Stake.com

)

Net cash used in investing activities

 

(3.3

)

   

(3.9

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Stake.com

)

   

(7.1

)

   

(12.3

)

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Stake.com
               

Cash flow from financing activities:

             

Proceeds from issuance of shares upon exercise of options

 

14.4

     

3.7

     

47.5

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Stake.com
     

26.6

 

Purchase of treasury shares

 

(324.7

)

   

(324.7

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Stake.com

)

   

(649.6

)

   

(649.7

)

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Stake.com

Payments related to shares withheld for taxes

 

(4.9

)

   

(4.1

)

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Stake.com
   

(5.8

)

   

(4.8

)

Net cash used in financing activities

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Stake.com
 

(315.2

)

   

(325.1

)

   

(607.9

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)

   

(627.9

)

               

Unrealized gain (loss) on marketable securities, net

 

(6.0

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Stake.com

)

   

46.3

     

(20.7

)

   

39.5

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Stake.com
 
               

Increase (decrease) in cash and cash equivalents, marketable securities and short term deposits

 

(60.9

)

   

(30.3

)

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Stake.com
   

2.4

     

10.7

 
               

Cash and cash equivalents, marketable securities and short term deposits at the beginning of the period

 

4,062.9

     

3,989.7

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3,999.6

     

3,948.7

 
               

Cash and cash equivalents, marketable securities and short term deposits at the end of the period

$

4,002.0

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$

          3,959.4

   

$

4,002.0

   

$

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      3,959.4

 

                                        

INVESTOR CONTACT: MEDIA CONTACT:
Kip E. Meintzer Gil Messing
Check Point Software Technologies Check Point Software Technologies
+1.650.628.2040 +1.650.628.2260
[email protected] [email protected]

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

Workers embrace AI and prioritise skills growth amid rising workloads and an accelerating pace of change: PwC 2024 Global Workforce Hopes & Fears Survey

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Almost half (45%) of workers say their workload has increased significantly in the past year, as almost two-thirds (62%) say the pace of change at work has increased over the same timeMore than one-quarter (28%) say they are very or extremely likely to switch employer in the next 12 months – a higher proportion than during the ‘Great Resignation’ (19%) in 2022Employees prioritise skills-growth: fewer than half (46%) strongly or moderately agree that their employer provides adequate opportunities to learn new skills. This is particularly important for workers considering leaving: two-thirds (67%) say opportunities to learn new skills are a key factor in any decision to job-switchMore than 80% of workers who use generative AI daily expect it to make their time at work more efficient in the next 12 months. Half (49%) of all users expect it to lead to higher salariesCost-of-living pressures ease slightly: the proportion of workers with money left over each month rises to 45% (compared to 38% in 2023). However, 52% say they are still financially stressedLONDON, June 25, 2024 /PRNewswire/ — Among more than 56,000 workers across 50 countries and territories, many say they are prioritising long-term skills growth to accelerate their careers amid rising workloads and heightened workplace uncertainty, according to PwC’s 2024 Global Workforce Hopes & Fears Survey, published today.

In the last 12 months, workers say they have experienced rising workloads (45%) and an accelerating pace of workplace change. Nearly two-thirds (62%) say they have experienced more change at work in the past year than the 12 months prior, with two-fifths (40%) noting their daily responsibilities have changed to a large or very large extent. Almost half (44%) don’t understand the purpose of changes taking place.
In the midst of this growing mix of employee pressures, the findings suggest workers are alert to opportunities elsewhere, and are highly focused on skills growth and embracing AI.
More than one-quarter (28%) say they are likely to switch employer in the next 12 months, a percentage far higher than during the ‘Great Resignation’ (19%) of 2022. Two-thirds (67%) of those considering moving say skills is an important factor in their decision to stay with their current employer or switch to a new one.
Carol Stubbings, Global Markets and Tax & Legal Services (TLS) Leader, PwC UK, said:
“As workers face heightened uncertainty, rising workloads and continue to face financial stress, they are prioritising skills growth and embracing new and emerging technologies such as GenAI to turbocharge their growth and accelerate their careers. The findings suggest that job satisfaction is no longer enough. Employees are placing an increased premium on skills growth in a climate characterised by constant technological change. Employers must ensure they are investing in their employees and technological platforms to mitigate employee pressures and retain the brightest talent.”
Workers embrace AI to ease workplace pressures and unlock personal growth
As employees face heightened workplace pressures, they are also turning to new and emerging technologies such as generative AI (GenAI) to help. Among those employees who use GenAI daily, 82% expect it to make their time at work more efficient in the next 12 months.
Employees are also optimistic about opportunities for GenAI to support their growth. Half (49%) of all users expect GenAI to lead to higher salaries – an expectation that’s even higher (76%) among employees who use the technology daily. More than 70% of users agree that GenAI tools will create opportunities to be more creative at work (73%) and improve the quality of their work (72%).
The skills imperative
Workers are placing an increased premium on skills growth to mitigate their concerns and accelerate their careers. Employees who say they are likely to switch employers in the next 12 months are nearly twice as likely to strongly consider upskilling in that decision than workers planning to stay (67% vs. 36%). This comes as fewer than half (46%) of all employees moderately or strongly agree that their employer provides adequate opportunities to learn new skills that will be helpful to their careers.
Employees who are likely to leave in the next year may be more attuned to skills changes that are needed than the general workforce, with 51% moderately or strongly agreeing that the skills their job requires will change in the next five years (vs. 29% of those unlikely to change employer).
There is particular interest in the impact of AI on skills development, with 76% of all users expecting it to create opportunities to learn new skills at work. However, employers will need to invest heavily in new and emerging technology training and access. Among employees who have not used GenAI at work in the last 12 months, one-third (33%) don’t think there are opportunities to use the technology in their line of work, while 24% don’t have access to the tools at work, and 23% don’t know how to use the tools.
Despite the pace of change, there are also signs of optimism and engagement at work. 60% of workers expressed at least moderate job satisfaction (up from 56% in 2023) while more than half (57%) of employees who view fair pay as important agree that their job is fairly paid. Cost-of-living pressures have slightly eased since 2023 (the proportion of workers with money left over each month has risen to 45%, up from 38%). However,  more than half (52%) say they are still financially stressed to some degree.
Pete Brown, Global Workforce Leader, PwC UK, said:
“Technology is fundamentally transforming the way work gets done and the types of skills employers are looking for. Employees are therefore placing an increased premium on organisations that invest in their skills growth so that they can stay relevant and thrive in a digital world. Businesses in turn must be proactive in their upskilling programs – prioritising the employee experience and being transparent. Because when you meaningfully engage your workforce, they become an accelerant for successful transformation.”
Notes to Editors: 
About the Survey
In March 2024, PwC surveyed 56,600 individuals across 50 countries and territories who are in work or active in the labour market. The sample was designed to reflect a range of industries, demographic characteristics and working patterns. You can read the full report on pwc.com.
About PwC
© 2024 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.
Contact:  Imran Javaid, Global Corporate Affairs and Communications, PwC UK: [email protected] Dan Barabas, Global Corporate Affairs and Communications, PwC UK: [email protected]
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Artificial Intelligence

Amagi Showcases New Stream Technology With VIZIO

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Amagi’s new Zero Slate delivers personalized linear streaming, resulting in increased viewership on VIZIO FAST channels 
NEW YORK, June 24, 2024 /PRNewswire/ — Amagi, the global leader in cloud-based SaaS technology for broadcast and Connected TV (CTV), today announced the first successful showcase of Amagi’s Zero Slate technology on VIZIO’s owned and operated WatchFree+ channels, part of Amagi’s broader Stream Personalization initiative. This innovative new offering enhances the streaming experience with its highly impactful, patent-pending technology that can dynamically adjust the length of ad breaks on a per-viewer basis, eliminating the need for slates or filler to round out linear ad breaks.

This new “viewer-first” personalized approach to digital streaming has already demonstrated a lift in viewership (Amagi ANALYTICS showing more than 20% increase) on VIZIO’s owned and operated channels utilizing the Zero Slate capabilities. This industry-first innovation from Amagi paves the path for a more engaging and profitable future for entertainment and enhanced viewer experiences.
Data from Amagi ANALYTICS indicates that slates, often used to fill the unsold portion of ad pods, may increase viewer churn by as much as 15% in today’s Free Ad-supported Streaming TV (FAST) ecosystem. Zero Slate’s early success demonstrates that personalizing pod length can boost viewer engagement, enabling more high-quality viewing experiences over time. This capability also represents an important first step for Amagi toward a broader suite of Stream Personalization capabilities that offer even more engaging linear viewing experiences.
“We are pleased to partner with Amagi on this showcase of their Zero Slate technology. This collaboration reinforces VIZIO’s commitment to enhancing user experiences and delivering personalized content as we expand Zero Slate across more channels,” said Katherine Pond, Group Vice President of Platform Content and Partnerships at VIZIO.
“We are grateful to have partnered with an industry leader like VIZIO to test the impact of our new Zero Slate capability and are excited about Stream Personalization’s ability to further transform the linear viewing experience,” said Srinivasan KA, Co-founder and Chief Revenue Officer, Amagi.
About VIZIOFounded and headquartered in Orange County, California, our mission at VIZIO Holding Corp. (NYSE: VZIO) is to deliver immersive entertainment and compelling lifestyle enhancements that make our products the center of the connected home. We are driving the future of televisions through our integrated platform of cutting-edge Smart TVs and powerful operating system. We also offer a portfolio of innovative sound bars that deliver consumers an elevated audio experience. Our platform gives content providers more ways to distribute their content and advertisers more tools to connect with the right audience.
For more information, visit VIZIO.com and follow VIZIO on Facebook, Twitter, and [email protected] 
About AmagiAmagi is a next-generation media technology company that provides cloud broadcast and targeted advertising solutions to broadcast TV and streaming TV platforms. Amagi enables content owners to launch, distribute, and monetize live linear channels on Free Ad-supported Streaming TV and video services platforms. Amagi also offers 24×7 cloud-managed services bringing simplicity, advanced automation, and transparency to the entire broadcast operations. Overall, Amagi supports 800+ content brands, 800+ playout chains, and over 5,000 channel deliveries on its platform in over 150 countries. Amagi has a presence in New York, Los Angeles, London, Paris, Melbourne, Seoul, Singapore, and broadcast operations in New Delhi, and innovation centers in Bengaluru, Zagreb, and Łódź.
Link to Word Doc: www.wallstcom.com/Amagi/240624-Amagi-VIZIO_ZSlate.docx 
Agency Contact:Joseph LesieutreWall Street CommunicationsEmail: [email protected]
Amagi Contact:Aashish WashikarDirector – Corporate CommunicationsEmail: [email protected]: +91 9533390005

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ResourceWise Brings Its Cross-Commodity Data and Analytics Expertise to New Oleochemicals Service

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ResourceWise has met a key milestone in providing cross-commodity price benchmarks, data, and analysis on chemicals, forest products, and decarbonization markets. 
CHARLOTTE, N.C., June 24, 2024 /PRNewswire/ — ResourceWise has met a key milestone in providing cross-commodity price benchmarks, data, and analysis on chemicals, forest products, and decarbonization markets. 

For the first time, one digital product encompasses expertise that spans all the key commodity sectors that ResourceWise covers. Dedicated to renewable feedstock, the new platform-based oleochemicals analysis and insight tools draw on decades of experience within each distinct business sector. 
Dwight Lynch, Biomaterials Business Manager at ResourceWise, is leading the transition towards data and insight on renewable intermediates and biobased and biodegradable polymer inputs. 
“Navigating oleochemicals markets at a time when regulation, legislation, and competition from renewable fuels markets are the key drivers is a challenge. Our new service offers pricing and analysis that informs decision-makers and allows sustainable business to thrive.” 
The new oleochemicals portal in ResourceWise’s flagship chemicals market intelligence platform, OrbiChem360, has evolved beyond its legacy biomaterials insights to focus on the fats and oils markets that are key to sustainability.  
It presents pricing data and analysis that ResourceWise biomaterials experts have furnished within OrbiChem360 this past decade and includes a crude tall oil (CTO) price index. The inclusion of a forest-based output introduces the ResourceWise platform FisherSolve’s pulp and paper industry insight to our portfolio. 
Pete Stewart, the CEO of ResourceWise, is focused on the future. “From raw material converters to end-use consumer goods producers, manufacturing value chain participants are increasingly seeking cross-commodity insights to meet low-carbon targets. We are building and providing the data and analytics businesses need to achieve environmental, social, and governance (ESG) targets and market products competitively worldwide.  
“The ResourceWise mission is to use the intelligence within the increasingly inter-related business sectors we have harnessed to guide customers in their journey toward a net-zero future. This new offering is the first of many milestones in our endeavor to do just that,” adds Stewart.  
A Streamlined Renewable Chemicals Service  
The new product leverages oleochemical pricing and commentary gathered by ResourceWise legacy brands since 2014 and insight collected since the 1990s. It extends our regional reach with additional price points and streamlines the data and analytics provided.  
The new portal is designed with personal care, cosmetics, detergents, lubricants, pharmaceuticals, flavor and fragrance, and food and beverage market participants in mind. However, it provides pricing data and insights for producers, intermediaries, and consumer product manufacturers in broader industries. 
More Than Forty Current and Historical Prices          
International price indexes for oleochemicals include the feedstocks soybean, coconut, tall, rapeseed, and palm oils, as well as tallow and glycerine grades Dozens of spot and contract prices for fatty acids and fatty alcohols plus comprehensive commentary based on intelligence from a worldwide contact base       Low-carbon price benchmarks and commentary in our oleochemicals offering will increasingly leverage intelligence on the biofuels sector within the Prima CarbonZero platform      Global Trade Flow graphics for all oils and tallow to help customers understand how key plant and animal-based feedstocks are traded globally to identify new markets and sources   Industry experts contextualize data, making it actionable, and respond personally to customer inquiries By bridging information gaps in the chemicals market, OrbiChem360 subscribers gain a competitive edge in volatile markets. The platform provides decision makers with robust, data-driven insight that unravels market trends so they can harness growth opportunities. For more information on the OrbiChem360 platform, visit the ResourceWise OrbiChem360 page. 
CONTACT:
Contact:Suz-Anne Kinney          Vice President, Marketing & Communications at [email protected]  +1 (980) 233-4021
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