Check Point Software Technologies Ltd. (CHKP) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

May 1, 2023 8:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Kip Meintzer

[Call Starts Abruptly] during the formal presentation, all participants are in listen-only mode and this will be followed by a question-and-answer session.

During this presentation, Check Point's representatives may make certain forward-looking statements. Within the -- forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934.

Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements include, but are not limited to, statements related to our expectations regarding our product solutions, expectations related to cyber security and other threats.

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 developing platform capabilities and solutions, customer acceptance, purchase of our existing solutions and new solutions, the market for IT security continuing to develop competition from other products and services, general market, political economic and business conditions, including as a result of the impact of COVID-19 pandemic.

These forward-looking statements are also subject to 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. The forward-looking statement in this management presentation 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.

In our press release, which has been posted on our website, we present GAAP and non-GAAP results along with a reconciliation of such results and the reasons for our presentation of non-GAAP information. If you have any questions after the call, please contact Investor Relations at kip@checkpoint.com.

Now I'd like to turn the call over to Roei Golan for a review of our financial statements.

Roei Golan

Thank you, Kip, and thank you for everyone to joining the call. Let me just share the presentation. Yes. So I'm excited to be with you to present our results for the first quarter of 2023.

Our revenues this quarter reached $566 million, which is 1 million above the midpoint of our projections. Our earnings per share were $1.80, surpassed our endpoint of our projection and $0.07 above the midpoint of our projections.