Check Point Software Technologies Ltd. (CHKP) Q4 2022 Earnings Call Transcript

For the period ending December 31, 2022

February 13, 2023 8:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Kip Meintzer

[Call Starts Abruptly] Financial Results Video Conference. At this time are in listen-only mode, during the formal presentation, which will be followed by a question-and-answer session. Joining me remotely today are Gil Shwed, Founder and CEO; along with our Acting CFO, Roei Golan.

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 representatives may make certain forward-looking statements. These forward-looking statements within the meaning of Section 27A of the Securities Exchange 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 2023 initiatives, our ability to continue to develop to platform capabilities and solutions, customer acceptance and purchase of our existing solutions and new solutions, the market for IT security continuing to develop competition from other products and services, our share purchase plans and general market, political, economic and business conditions, trying to cover everything.

These forward-looking statements are 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 this presentation are based on the 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, it has been posted on our website, we present GAAP and non-GAAP results along with the reconciliation of such results as well as the reasons for our presentation of non-GAAP information.

And with that, I'd like to hand the call over to Roei Golan, our Acting CFO, for a review of our financial results. Roei? Hello?

Roei Golan

And to review our fourth quarter, so we had a strong quarter with revenues reached $638 million, which is $5 million above the midpoint of our projections. Our non-GAAP EPS was $2.45, $0.03 above the top end of our projections.