Artificial Intelligence
Check Point Software Technologies Reports 2021 Second Quarter Financial Results
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.
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
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.
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.
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.
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.
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 |
||||||||||
|
June 30, |
June 30, |
||||||||||
|
2021 |
2020 |
2021 |
2020 |
||||||||
|
Revenues: |
|
|
|||||||||
|
Products and licenses |
$ |
119.1 |
$ |
122.6 |
$ |
228.4 |
$ |
232.8 |
|||
|
Security subscriptions |
183.7 |
164.0 |
361.1 |
322.8 |
|||||||
|
Total revenues from products and security |
302.8 |
286.6 |
589.5 |
555.6 |
|||||||
|
Software updates and maintenance |
223.3 |
219.0 |
444.2 |
436.5 |
|||||||
|
Total revenues |
526.1 |
505.6 |
1,033.7 |
992.1 |
|||||||
|
Operating expenses: |
|||||||||||
|
Cost of products and licenses |
23.2 |
22.5 |
44.8 |
43.4 |
|||||||
|
Cost of security subscriptions |
8.7 |
6.1 |
16.7 |
12.6 |
|||||||
|
Total cost of products and security |
31.9 |
28.6 |
61.5 |
56.0 |
|||||||
|
Cost of Software updates and |
25.6 |
24.0 |
50.9 |
47.2 |
|||||||
|
Amortization of technology |
1.7 |
1.6 |
3.4 |
3.2 |
|||||||
|
Total cost of revenues |
59.2 |
54.2 |
115.8 |
106.4 |
|||||||
|
|
|||||||||||
|
Research and development |
67.5 |
62.4 |
135.9 |
124.6 |
|||||||
|
Selling and marketing |
148.9 |
140.4 |
288.9 |
283.4 |
|||||||
|
General and administrative |
28.2 |
27.7 |
56.0 |
56.2 |
|||||||
|
Total operating expenses |
303.8 |
284.7 |
596.6 |
570.6 |
|||||||
|
Operating income |
222.3 |
220.9 |
437.1 |
421.5 |
|||||||
|
Financial income, net |
10.4 |
18.7 |
23.0 |
38.0 |
|||||||
|
Income before taxes on income |
232.7 |
239.6 |
460.1 |
459.5 |
|||||||
|
Taxes on income |
46.7 |
43.2 |
91.2 |
84.4 |
|||||||
|
Net income |
$ |
186.0 |
$ |
196.4 |
$ |
368.9 |
$ |
375.1 |
|||
|
Basic earnings per share |
$ |
1.39 |
$ |
1.39 |
$ |
2.74 |
$ |
2.63 |
|||
|
Number of shares used in computing basic earnings per share |
133.7 |
141.5 |
134.8 |
142.8 |
|||||||
|
Diluted earnings per share |
$ |
1.38 |
$ |
1.38 |
$ |
2.71 |
$ |
2.58 |
|||
|
Number of shares used in computing diluted earnings per share |
134.8 |
142.6 |
136.1 |
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, |
June 30, |
|||||||||||
|
2021 |
2020 |
2021 |
2020 |
|||||||||
|
Revenues |
$ |
526.1 |
$ |
505.6 |
$ |
1,033.7 |
$ |
992.1 |
||||
|
Non-GAAP operating income |
257.1 |
253.2 |
503.4 |
484.4 |
||||||||
|
Non-GAAP net income |
217.0 |
225.0 |
428.2 |
430.9 |
||||||||
|
Diluted Non-GAAP Earnings per share |
$ |
1.61 |
$ |
1.58 |
$ |
3.15 |
$ |
2.96 |
||||
|
Number of shares used in computing diluted Non-GAAP earnings per share |
134.8 |
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)
|
Three Months Ended |
Six Months Ended |
|||||||||||||||
|
June 30, |
June 30, |
|||||||||||||||
|
2021 |
2020 |
2021 |
2020 |
|||||||||||||
|
GAAP operating income |
$ |
222.3 |
$ |
220.9 |
$ |
437.1 |
$ |
421.5 |
||||||||
|
Stock-based compensation (1) |
29.9 |
28.0 |
56.5 |
54.4 |
||||||||||||
|
Amortization of intangible assets and |
4.9 |
4.3 |
9.8 |
8.5 |
||||||||||||
|
Non-GAAP operating income |
$ |
257.1 |
$ |
253.2 |
$ |
503.4 |
$ |
484.4 |
||||||||
|
GAAP net income |
$ |
186.0 |
$ |
196.4 |
$ |
368.9 |
$ |
375.1 |
||||||||
|
Stock-based compensation (1) |
29.9 |
28.0 |
56.5 |
54.4 |
||||||||||||
|
Amortization of intangible assets and |
4.9 |
4.3 |
9.8 |
8.5 |
||||||||||||
|
Taxes on the above items (3) |
(3.8 |
) |
(3.7 |
) |
(7.0 |
) |
(7.1 |
) |
||||||||
|
Non-GAAP net income |
$ |
217.0 |
$ |
225.0 |
$ |
428.2 |
$ |
430.9 |
||||||||
|
Diluted GAAP Earnings per share |
$ |
1.38 |
$ |
1.38 |
$ |
2.71 |
$ |
2.58 |
||||||||
|
Stock-based compensation (1) |
0.22 |
0.20 |
0.42 |
0.37 |
||||||||||||
|
Amortization of intangible assets and |
0.04 |
0.03 |
0.07 |
0.06 |
||||||||||||
|
Taxes on the above items (3) |
(0.03 |
) |
(0.03 |
) |
(0.05 |
) |
(0.05 |
) |
||||||||
|
Diluted Non-GAAP Earnings per share |
$ |
1.61 |
$ |
1.58 |
$ |
3.15 |
$ |
2.96 |
||||||||
|
Number of shares used in computing diluted |
134.8 |
142.6 |
136.1 |
145.3 |
||||||||||||
|
(1) Stock-based compensation: |
||||||||||||||||
|
Cost of products and licenses |
$ |
0.1 |
$ |
0.1 |
$ |
0.2 |
$ |
0.2 |
||||||||
|
Cost of software updates and maintenance |
1.1 |
1.0 |
2.0 |
1.9 |
||||||||||||
|
Research and development |
7.2 |
5.5 |
13.7 |
10.3 |
||||||||||||
|
Selling and marketing |
10.5 |
8.8 |
18.8 |
16.6 |
||||||||||||
|
General and administrative |
11.0 |
12.6 |
21.8 |
25.4 |
||||||||||||
|
29.9 |
28.0 |
56.5 |
54.4 |
|||||||||||||
|
(2) Amortization of intangible assets and |
||||||||||||||||
|
Amortization of technology-cost of revenues |
1.7 |
1.6 |
3.4 |
3.2 |
||||||||||||
|
Research and development |
1.3 |
0.9 |
2.6 |
1.7 |
||||||||||||
|
Selling and marketing |
1.9 |
1.8 |
3.8 |
3.6 |
||||||||||||
|
4.9 |
4.3 |
9.8 |
8.5 |
|||||||||||||
|
(3) Taxes on the above items |
(3.8 |
) |
(3.7 |
) |
(7.0 |
) |
(7.1 |
) |
||||||||
|
Total, net |
$ |
31.0 |
$ |
28.6 |
$ |
59.3 |
$ |
55.8 |
||||||||
CHECK POINT SOFTWARE TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED BALANCE SHEET DATA
(Unaudited, in millions)
ASSETS
|
June 30, |
December 31, |
||||||
|
2021 |
2020 |
||||||
|
Current assets: |
|||||||
|
Cash and cash equivalents |
$ |
356.6 |
$ |
255.7 |
|||
|
Marketable securities and short-term deposits |
1,502.8 |
1,432.0 |
|||||
|
Trade receivables, net |
368.4 |
540.8 |
|||||
|
Prepaid expenses and other current assets |
50.1 |
50.1 |
|||||
|
Total current assets |
2,277.9 |
2,278.6 |
|||||
|
Long-term assets: |
|||||||
|
Marketable securities |
2,142.6 |
2,311.9 |
|||||
|
Property and equipment, net |
85.0 |
88.1 |
|||||
|
Deferred tax asset, net |
40.6 |
34.4 |
|||||
|
Goodwill and other intangible assets, net |
1,036.5 |
1,040.7 |
|||||
|
Other assets |
76.9 |
85.5 |
|||||
|
Total long-term assets |
3,381.6 |
3,560.6 |
|||||
|
Total assets |
$ |
5,659.5 |
$ |
5,839.2 |
|||
LIABILITIES AND
SHAREHOLDERS’ EQUITY
|
Current liabilities: |
|||||||||
|
Deferred revenues |
$ |
1,087.3 |
$ |
1,108.6 |
|||||
|
Trade payables and other accrued liabilities |
434.6 |
435.2 |
|||||||
|
Total current liabilities |
1,521.9 |
1,543.8 |
|||||||
|
Long-term liabilities: |
|||||||||
|
Long-term deferred revenues |
385.1 |
373.3 |
|||||||
|
Income tax accrual |
452.1 |
422.8 |
|||||||
|
Other long-term liabilities |
29.8 |
33.1 |
|||||||
|
867.0 |
829.2 |
||||||||
|
Total liabilities |
2,388.9 |
2,373.0 |
|||||||
|
Shareholders’ equity: |
|||||||||
|
Share capital |
0.8 |
0.8 |
|||||||
|
Additional paid-in capital |
2,106.1 |
2,028.4 |
|||||||
|
Treasury shares at cost |
(9,942.5 |
) |
(9,319.0 |
) |
|||||
|
Accumulated other comprehensive gain |
22.0 |
40.7 |
|||||||
|
Retained earnings |
11,084.2 |
10,715.3 |
|||||||
|
Total shareholders’ equity |
3,270.6 |
3,466.2 |
|||||||
|
Total liabilities and shareholders’ equity |
$ |
5,659.5 |
$ |
5,839.2 |
|||||
|
Total cash and cash equivalents, marketable |
$ |
4,002.0 |
$ |
3,999.6 |
|||||
CHECK POINT SOFTWARE TECHNOLOGIES LTD.
SELECTED CONSOLIDATED CASH FLOW DATA
(Unaudited, in millions)
|
Three Months Ended |
Six Months Ended |
||||||||||||||
|
June 30, |
June 30, |
||||||||||||||
|
2021 |
2020 |
2021 |
2020 |
||||||||||||
|
Cash flow from operating activities: |
|||||||||||||||
|
Net income |
$ |
186.0 |
$ |
196.4 |
$ |
368.9 |
$ |
375.1 |
|||||||
|
Adjustments to reconcile net income to net cash provided by |
|||||||||||||||
|
Depreciation of property and equipment |
5.5 |
4.4 |
10.2 |
9.0 |
|||||||||||
|
Amortization of intangible assets |
2.1 |
2.0 |
4.2 |
4.0 |
|||||||||||
|
Stock-based compensation |
29.9 |
28.0 |
56.5 |
54.4 |
|||||||||||
|
Realized gain on marketable securities |
(0.2 |
) |
(0.5 |
) |
(1.5 |
) |
(0.7 |
) |
|||||||
|
Decrease (increase) in trade and other receivables, net |
(24.9 |
) |
(7.0 |
) |
175.3 |
176.1 |
|||||||||
|
Increase (decrease) in deferred revenues, trade payables and |
63.3 |
23.6 |
24.0 |
(17.0 |
) |
||||||||||
|
Deferred income taxes, net |
1.9 |
5.5 |
0.5 |
10.5 |
|||||||||||
|
Net cash provided by operating activities |
263.6 |
252.4 |
638.1 |
611.4 |
|||||||||||
|
Cash flow from investing activities: |
|||||||||||||||
|
Investment in property and equipment |
(3.3 |
) |
(3.9 |
) |
(7.1 |
) |
(12.3 |
) |
|||||||
|
Net cash used in investing activities |
(3.3 |
) |
(3.9 |
) |
(7.1 |
) |
(12.3 |
) |
|||||||
|
Cash flow from financing activities: |
|||||||||||||||
|
Proceeds from issuance of shares upon exercise of options |
14.4 |
3.7 |
47.5 |
26.6 |
|||||||||||
|
Purchase of treasury shares |
(324.7 |
) |
(324.7 |
) |
(649.6 |
) |
(649.7 |
) |
|||||||
|
Payments related to shares withheld for taxes |
(4.9 |
) |
(4.1 |
) |
(5.8 |
) |
(4.8 |
) |
|||||||
|
Net cash used in financing activities |
(315.2 |
) |
(325.1 |
) |
(607.9 |
) |
(627.9 |
) |
|||||||
|
Unrealized gain (loss) on marketable securities, net |
(6.0 |
) |
46.3 |
(20.7 |
) |
39.5 |
|||||||||
|
Increase (decrease) in cash and cash equivalents, marketable securities and short term deposits |
(60.9 |
) |
(30.3 |
) |
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 |
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 |
$ |
3,959.4 |
$ |
4,002.0 |
$ |
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] |
Artificial Intelligence
Data Center Chip Market Size was Valued at USD 11.7 Billion in 2022 and is Expected to Reach USD 45.3 Billion by 2032 at a CAGR of 14.6% | Valuates Reports
BANGALORE, India, July 26, 2024 /PRNewswire/ — Data Center Chip Market By Chip Type (GPU, ASIC, FPGA, CPU, Others), By Data Center Size (Small and Medium Size, Large Size), By Industry Verticals (BFSI, Manufacturing, Government, IT and Telecom, Retail, Transportation, Energy and Utilities, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.
The Data Center Chip Market was valued at USD 11.7 Billion in 2022, and is estimated to reach USD 45.3 Billion by 2032, growing at a CAGR of 14.6% from 2023 to 2032.
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Major Factors Driving the Growth of Data Center Chip Market
Because of the growing need for data processing and storage solutions brought about by the quick development of cloud computing, artificial intelligence, and big data analytics, the data center chip market is expanding significantly. High-performance chips are necessary for data centers to process massive volumes of data quickly and efficiently. As a result, advances in chip technology, including CPUs, GPUs, and specialist AI processors, have been made. The need for more resilient and scalable data center infrastructure is fueled in part by the expansion of digital services and Internet of Things (IoT) devices. The market is expanding due to key areas including Asia-Pacific, with its investments in technology and fast digital transformation, and North America, with its top tech businesses and vast data center networks.
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TRENDS INFLUENCING THE GROWTH OF THE DATA CENTER CHIP MARKET:
In data centers, Graphics Processing Units (GPUs) are essential for speeding up computing operations and data processing. They are perfect for managing workloads related to artificial intelligence (AI), machine learning, and large-scale data analytics because of their parallel processing capabilities. The need for GPUs in data centers is growing as these technologies become increasingly essential to corporate operations. Businesses are purchasing GPUs in order to increase the effectiveness of their data processing, lower latency, and boost overall performance. The need for data center chips is being driven by the increasing reliance on GPUs for sophisticated computing activities, which is considerably contributing to the market’s rise. This need is further increased by the growing use of AI and machine learning in a variety of sectors, which puts GPUs at the forefront of the data center semiconductor industry.
Compared to general-purpose chips, Application Specific Integrated Circuits (ASICs) provide better performance and efficiency since they are designed specifically for a given application. ASICs are extensively utilized in data centers for specific tasks including networking, data compression, and encryption. ASICs are becoming more and more common as a result of the growth of cloud computing, big data analytics, and blockchain technology, which has increased demand for high-performance, energy-efficient processors. Their capacity to provide tailored performance for certain applications aids data centers in better workload management, power conservation, and operating expense reduction. The market is expanding as a result of the increased preference for ASICs in data centers, which is fueling the need for specialized data center chips.
Large data centers are important users of data center chips; they are run by well-known IT firms and cloud service providers. To manage enormous volumes of data and provide a wide range of services, these facilities need a great deal of processing power and sophisticated computing skills. High-performance data center chips are becoming more and more necessary as a result of the growth of massive data centers and the rising demand for online streaming, cloud services, and digital transactions. These chips are necessary to ensure effective data management, processing, and storage, which helps big data centers fulfill the increasing expectations of its clientele. Large data center proliferation is anticipated to considerably boost the data center chip industry as the digital economy continues to grow.
Data centers are becoming more and more important to the Banking, Financial Services, and Insurance (BFSI) industry as a means of safely and effectively managing high transaction volumes, consumer data, and financial records. The need for sophisticated data center processors is being driven by the sector’s requirement for real-time data processing, high-performance computing, and strong security measures. BFSI organizations may improve their operational efficiency, guarantee data integrity, and deliver superior client services by utilizing data centers fitted with robust chips. The BFSI sector’s need for data center chips is being driven by the increasing use of online banking, digital banking, and financial analytics tools, all of which increase the requirement for sophisticated data center infrastructure.
The market for data center chips is significantly influenced by the cloud computing industry’s explosive growth. There is a growing need for scalable, effective, and high-performance data center infrastructure as more companies move their operations to the cloud. In order to handle enormous volumes of data, facilitate virtualization, and guarantee flawless service delivery, cloud service providers need sophisticated data center chips. Sturdy data center chips are becoming more and more necessary as cloud-based solutions become more and more popular. Benefits like cost savings, flexibility, and scalability are driving this trend. In places like North America and Europe, where cloud adoption rates are high and data center chip demand is rising rapidly, this tendency is especially significant.
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DATA CENTER CHIP MARKET SHARE
In 2022, North America gained a sizable portion of the market.
In 2022, the GPU made up the largest portion of the market share.
Throughout the projection period, large data centers are expected to gain a significant portion.
The BFSI market is anticipated to be one of the most profitable markets.
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Key Companies:
Advanced Micro Devices IncTaiwan Semiconductor Manufacturing Company LimitedBroadcomHuawei Technologies Co LtdIntel CorporationNVidia CorporationSamsung Electronics Co LtdQualcomm Technologies IncGlobalFoundriesARM LIMITED (SOFTBANK GROUP CORP.)Purchase Chapters @ https://reports.valuates.com/request/chaptercost/ALLI-Auto-2B326/Data_Center_Chip_Market
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Artificial Intelligence
Industry 4.0 Market to Surpass USD 513.89 Billion by 2031 with Automation Surge | SkyQuest Technology
WESTFORD, Mass., July 26, 2024 /PRNewswire/ — According to SkyQuest, the global Industry 4.0 Market size was valued at USD 133.05 billion in 2022 and is poised to grow from USD 154.6 billion in 2023 to USD 513.89 billion by 2031, growing at a CAGR of 16.2% during the forecast period (2024-2031).
Industry 4.0 or the fourth industrial revolution emphasizes the use of automation and interconnectivity. Employment of advanced technologies such as artificial intelligence, machine learning, robotics, and connected devices to improve the productivity and efficiency of industries. Rapid digitization and advancements in technology are forecasted to bolster the Industry 4.0 market growth over the coming years. The global Industry 4.0 market is segmented into technology, industry vertical, and region.
Download a detailed overview:
https://www.skyquestt.com/sample-request/industry-4-0-market
Industry 4.0 Market Overview:
Report Coverage
Details
Market Revenue in 2023
$ 154.6 billion
Estimated Value by 2031
$ 513.89 billion
Growth Rate
Poised to grow at a CAGR of 16.2%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Technology, Industry and Region
Geographies Covered
North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Report Highlights
Internet of Things (IoT) technology takes centerstage for Industry 4.0 adoption
Key Market Opportunities
Adoption of smart manufacturing and additive manufacturing practices
Key Market Drivers
Rising demand for automation across all industry verticals
Segments covered in Industry 4.0 Market are as follows:
TechnologyRobots (Traditional Industrial Robots {Articulated robots, Cartesian Robots, Selective Compliance Assembly Robot Arm (SCARA), Cylindrical Robots, Others}, Collaborative Robots), Blockchain in Manufacturing, Industrial Sensors (Level Sensors, Temperature Sensors, Flow Sensors, Position Sensors, Pressure Sensors, Force Sensors, Humidity & Moisture Sensors, Gas Sensors), Industrial 3D Printing, Machine Vision (Camera {Digital Camera, Smart Camera}, Frame Grabbers, Optics, and LED Lighting, Processor and Software), HMI (Offering {Hardware [Basic HMI, Advanced Panel-based HMI, Advanced PC-based HMI, Others], Software [On-premises HMI, Cloud-based HMI], Services}), Configuration ({Embedded HMI, Standalone HMI}, Technology {Motion HMI, Bionic HMI, Tactile HMI, Acoustic HMI}, End-user Industry {Process industries [Oil & Gas, Food & beverages, Pharmaceuticals, Chemicals, Energy & power, Metals & mining, Water & wastewater, Others], Discrete industry [Automotive, Aerospace & defense, Packaging, Medical devices, Semiconductor & electronics, Others]}), AI In Manufacturing (Offering {Hardware [Processor MPU, GPU, FPGA, ASIC, Memory, Network], Software [AI solutions- | On-premises, Cloud |, AI platform- | Machine learning framework, Application program interface |], Services [Deployment & integration, Support & maintenance]}, Technology {Machine learning [Deep learning, Supervised learning, Reinforcement learning, Reinforcement learning, Others], Natural language processing [Context-aware computing, Computer vision]}, Application {Predictive maintenance and machinery inspection, Material movement, Production planning, Field services, Quality control, Cybersecurity, Industrial robots, Reclamation}, Digital Twin {Technology [Internet of Things (IOT), Blockchain, Artificial intelligence & machine learning, Artificial intelligence & machine learning, Big data analytics, 5G], Usage Type [Product digital twin, Process digital twin, System digital twin], Application [Product design & development, Performance monitoring, Predictive maintenance, Inventory management, Business optimization, Others]}, Automated Guided Vehicles (AGV) {Type [Tow vehicles, Unit load carriers, Pallet trucks, Assembly line vehicles, Forklift trucks, Others], Navigation Technology [Laser guidance, Magnetic guidance, Inductive guidance, Optical tape guidance, Vision guidance, Others]}, Machine Condition Monitoring {Monitoring Technique [Vibration monitoring, Embedded systems, Vibration analyzers and meters, Thermography, Oil analysis, Corrosion monitoring, Ultrasound emission, Motor current analysis], Offering [Hardware – Vibration sensors, Accelerometers, Tachometers, Infrared sensors, Spectrometers, Ultrasound detectors, Spectrum analyzers, Corrosion probes], Software [Data integration, Diagnostic reporting, Order tracking analysis, Parameter calculation], Deployment Type [On-premises deployment, Cloud deployment], Monitoring Process [Online condition monitoring, Portable condition monitoring]})IndustryManufacturing, Automotive, Energy, Medical, Semiconductor & Electronics, Food & Beverage, Oil & Gas, Aerospace, Metals & Mining, Chemicals, and OthersRequest Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/industry-4-0-market
Internet of Things (IoT) Technology to Remain Indispensable for Industry 4.0
Internet of Things (IoT) remains the most crucial technology in global Industry 4.0 market growth owing to its role in interconnectivity and automation across different verticals. Advancements in connectivity technologies and rising use of automation in different industry verticals are also estimated to help this sub-segment gain an impressive market share. Surging demand for predictive maintenance will also boost the adoption of IoT technology in the long run.
Advanced robotic technologies are also slated to gain traction in the Industry 4.0 market. Growing acceptance of robots and high investments in advancements of robotic technologies are also slated to create new opportunities for providers of advanced robotics in the Industry 4.0 market. The low margin of error and the immense scope of automation are key benefits of robotics that help this sub-segment flourish.
Artificial intelligence (AI) will be another popular technology in the Industry 4.0 world going forward. Increasing demand for continuous monitoring, real-time analytics, and predictive maintenance are slated to help the demand for artificial intelligence in the future. The rising use of IoT devices will also boost the demand for cloud computing technology in the long run.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/industry-4-0-market
Manufacturing Vertical to Spearhead Industry 4.0 Market Development
The manufacturing vertical is estimated to be at the forefront when it comes to Industry 4.0 adoption. The surge in use of robotics, advanced technologies, and smart manufacturing practices sets the tone for Industry 4.0 in this industry vertical. High emphasis on improving manufacturing efficiency, reducing downtime, and maximizing profits are all contributing to the high market share of this sub-segment.
The automotive industry is another vertical where Industry 4.0 market players could invest to get good returns. The high adoption of advanced robotics and other smart manufacturing technologies to maximize production allows this sub-segment to become a crucial one for Industry 4.0 providers. The aerospace and defense industry vertical also shows a lot of promise for Industry 4.0 companies going forward. Growing demand for advanced manufacturing techniques and technologies to create complex aerospace components is helping Industry 4.0 market growth via this segment.
The oil & gas industry is also estimated to embrace Industry 4.0 trend with open hands as they try to improve their operations and promote better resource utilization. High demand for predictive maintenance to reduce downtime and the growing adoption of digital oilfield solutions are estimated to bolster Industry 4.0 market development in the long run.
To sum it up, the application scope for Industry 4.0 is endless as automation and digitization pick up pace around the world. High investments in development of IoT and AI technologies will create better opportunities for Industry 4.0 companies in the future. The manufacturing industry will remain the top revenue generating sub-segment and more opportunities for aerospace, automotive, and oil & gas verticals will be seen over the coming years.
Related Report:
Digital Twin Market
Cyber Security Market
Artificial Intelligence (AI) Market
Internet Of Things (IoT) Market
Machine Learning Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact: Mr. Jagraj SinghSkyQuest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website: https://www.skyquestt.com/
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Artificial Intelligence
Generative AI Cybersecurity Market worth $40.1 billion by 2030 – Exclusive Report by MarketsandMarkets™
CHICAGO, July 26, 2024 /PRNewswire/ — The Generative AI cybersecurity Market is anticipated to experience substantial expansion, ascending from a value of USD 7.1 billion in 2024 to a substantial worth of USD 40.1 billion by the year 2030, according to a new report by MarketsandMarkets™. This growth trajectory reflects a robust compound annual growth rate (CAGR) of 33.4% over the forecast period.
Browse in-depth TOC on “Generative AI cybersecurity Market”
350 – Tables 60 – Figures450 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019–2030
Base year considered
2023
Forecast period
2024–2030
Forecast units
USD (Million)
Segments Covered
Offering, Generative AI-based Cybersecurity, Cybersecurity for Generative AI, Security Type, End-user, and Region
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered
Microsoft (US), IBM (US), Google (US), SentinelOne (US), AWS (US), NVIDIA (US), Cisco (US), CrowdStrike (US), Fortinet (US), Zscaler (US), Trend Micro (Japan), Palo Alto Networks (US), BlackBerry (Canada), Darktrace (UK), F5 (US), Okta (US), Sangfor (China), SecurityScorecard (US), Sophos (UK), Broadcom (US), Trellix (US), Veracode (US), LexisNexis (US), Abnormal Security (US), Adversa AI (Israel), Aquasec (US), BigID (US), Checkmarx (US), Cohesity (US), Credo AI (US), Cybereason (US), DeepKeep (Israel), Elastic NV (US), Flashpoint (US), Lakera (US), MOSTLY AI (Austria), Recorded Future (US), Secureframe (US), Skyflow (US), SlashNext (US), Snyk (US), Tenable (US), TrojAI (Canada), VirusTotal (Spain), XenonStack (UAE), and Zerofox (US).
This dramatic surge is being fueled by a number of causes. The primary growth driver is the enhancement of existing cybersecurity tools through generative AI algorithms by improving anomaly detection, automating threat hunting and penetration testing, and providing complex simulations for security testing purposes. These techniques enable various cyber-attack scenarios that can be simulated using the Generative Adversarial Networks (GANs), thus enabling the development of better preparedness and response strategies. On the other hand, it requires special cyber security tools to protect generative AI workloads against unique vulnerabilities such as adversarial attacks, model inversions and LLM poisoning. These tools include differential privacy and secure multi-party computation that are integrated into AI systems for training and deployment data protection purposes.
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Generative AI apps security segment will account for largest market share during the forecast period.
The cybersecurity landscape is rapidly changing for generative AI apps, which are already making their way into chatbots, content creation tools like word processors, and personalized recommendation systems. According to McAfee, 55% of these programs have had security breaches. This highlights the dire need for stronger protective measures from unauthorized access. Several generative AI applications that use adversarial techniques to force the desired reaction out of intelligent machines.
Therefore, there is a pressing demand in the number of developers who ensure that such machines are made more robust through techniques like adversarially trained models and resistant architectures. Finally, the usage of secure enclaves plus hardware-based security measures is growing off late, mainly aimed at safeguarding vulnerable AI computations from being tampered with. For instance, OpenAI has very strict security rules meant to protect GPT models thereby ensuring data integrity and user privacy.
By end-user, government & defense sector is poised to account for larger market share in 2024.
Government as well as defense industries are increasingly resorting to generative AI for cyber security purposes due to the urgency of protecting sensitive information and national security. According to a recent CSIS report, AI is being integrated into the cybersecurity framework of 43% of government agencies which resultantly improves their ability to identify and counter threats. As an example, the United States Department of Defense has started using artificial intelligence (AI) based security solutions backed by generative AI that can create fictitious cyber-attacks, thereby providing them with enhanced preparedness against advanced types of threats.
This technology also helps these sectors handle and analyze large volumes of data more effectively, giving valuable insights that will enable them prevent or mitigate cyber threats. This trend demonstrates an increasing reliance on generative AI in fortifying cyber security measures so as to ensure that critical infrastructure and sensitive data remain secure in today’s intricate digital landscape.
By region, North America to hold the largest share by market value in 2024.
In 2024, North America will be the leading region based on market share due to its excellent technology infrastructure, substantial investments in AI-enabled cybersecurity and the presence of key players. Major cyber security research universities and tech companies such as Google, AWS, CrowdStrike, SentinelOne and IBM are present in this area, pushing them on the forefront of potent risk management technologies and generative AI tools for threat detection. For example, IBM’s security platform powered by AI has improved detection rates for threats up by 40%, thus proving the relevance of AI technology to enhancing cybersecurity.
Moreover, legislative instruments such as Cybersecurity Information Sharing Act (CISA) are being put in place to promote advanced cybersecurity technologies. As internet attacks continue getting more complicated, North American enterprises prefer generative artificial intelligence (AI), so as to enhance their safety measures pertaining to personal data and digital infrastructure.
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Top Key Companies in Generative AI cybersecurity Market:
The major players in the generative AI cybersecurity market include Palo Alto Networks (US), AWS (US), CrowdStrike (US), SentinelOne (US), and Google (US), along with SMEs and startups such as MOSTLY AI (Austria), XenonStack (UAE), BigID (US), Abnormal Security (US), and Adversa AI (Israel).
Browse Adjacent Market: Artificial Intelligence (AI) Market Research Reports & Consulting
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AI Model Risk Management Market – Global Forecast to 2029
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Artificial Intelligence in Cybersecurity Market – Global Forecast to 2028
Explainable AI Market – Global Forecast to 2028
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Get access to the latest updates on Generative AI cybersecurity Companies and Generative AI cybersecurity Industry
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MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
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