Check Point Software Technologies Ltd. (CHKP) Q2 2022 Earnings Call Transcript

For the period ending June 30, 2022

August 1, 2022 8:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Kip Meintzer

[Technical Difficulty] 2022 Financial Results Video Conference Call. [Operator Instructions] Joining me remotely today are Gil Shwed, Founder and CEO, along with our CFO and COO, Tal Payne. As a reminder, the video conference is live on our website and is recorded for replay. To access the live conference and replay information, please visit the company’s website at checkpoint.com. For your convenience, the replay will be available on our website. If you would like to reach us after the call, please contact Investor Relations by e-mail at kip@checkpoint.com.

During this presentation, Check Point’s representatives may make certain forward-looking statements. These forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934, include but are not limited to, statements related to Check Point’s expectations regarding our products and solutions, expectations regarding customer adoption of our products and solutions, expectations related to cyber security and other threats, expectations regarding our Q3 2022 projections, our 2022 initiatives, the market for IT security, competition from other products and services, supply chain, general market, political, economic and business conditions, including the impact of the COVID-19 pandemic. These forward-looking statements 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 SEC.

The forward-looking statements in the 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 as well as the reasons for our presentation of non-GAAP information.

Now, I’d like to turn the call over to Tal Payne for a review of our financial results.

Tal Payne

Thank you, Kate. Good morning and good afternoon to everyone joining us on the call. I will start with a review of the second quarter and right at the back, you can see that we had an excellent quarter. Both revenues and earnings per share were at the high-end of our projections, $571 million revenues, which is $11 million above the midpoint of our projections, earnings per share of $1.64, which is also at the high end of our guidance and $0.04 above the midpoint of our projections.