CHECK POINT SOFTWARE TECHNOLOGIES REPORTS 2022 FIRST QUARTER FINANCIAL RESULTS

New Delhi, April 28, 2022 — Check Point® Software Technologies Ltd. (NASDAQ: CHKP), today announced its financial results for the quarter ended March 31^st, 2022.

First Quarter 2022:                                                           

• Total Revenues: $543 million, a 7 percent increase year over year
• Security Subscription Revenues: $202 million, a 14 percent increase year over year
• Deferred Revenues (as of March 31, 2022): $1,666 million, a 14 percent increase year over year
• : $200 million, representing 37 percent of total revenues
• : $239 million, representing 44 percent of total revenues

• : $1.30, a 2 percent decrease year over year
• 1.57, a 2 percent increase year over year

“We had an excellent first quarter,” said Gil Shwed, Founder and CEO of Check Point Software Technologies. “Total revenues and earnings per share reached the high-end of our projections. We had strong product demand in our Quantum family and continued strength in our CloudGuard and Harmony products. The global escalation of cyber-attacks is making companies rethink the dated approach of disparate point solutions and they are transitioning to a more unified approach to prevent the next cyber pandemic. Our customers continue to adopt more of our technologies and consolidate their security infrastructure with our Infinity architecture.”

Financial Highlights for the First Quarter of 2022

• $543 million compared to $508 million in the first quarter of 2021, a 7 percent increase year over year.
• $200 million compared to $215 million in the first quarter of 2021, representing 37 percent and 42 percent of total revenues in the first quarter of 2022 and 2021, respectively.
• $239 million compared to $246 million in the first quarter of 2021, representing 44 percent and 49 percent of total revenues in the first quarter of 2022 and 2021, respectively.
• : $38 million compared to $45 million in the first quarter of 2021.

• GAAP net income was $169 million compared to $183 million in the first quarter of 2021. GAAP earnings per diluted share were $1.30 compared to $1.33 in the first quarter of 2021, a 2 percent decrease year over year.
• Non-GAAP net income was $204 million compared to $211 million in the first quarter of 2021. Non-GAAP earnings per diluted share were $1.57 compared to $1.54 in the first quarter of 2021, a 2 percent increase year over year.
• : As of March 31, 2022, deferred revenues were $1,666 million compared to $1,458 million as of March 31, 2021, a 14 percent increase year over year.
• $3,800 million as of March 31, 2022, compared to $3,783 million as of December 31, 2021.
• Cash flow from operations of $398 million compared to $375 million in the first quarter of 2021.
• During the first quarter of 2022, the company repurchased approximately 2.5 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.”

Conference Call & Video Cast Information
Check Point will host a conference call with the investment community on April 27, 2022, at 8:30 AM ET/5:30 AM PT. To listen to the live webcast or replay, please visit the website www.checkpoint.com/ir.

Second Quarter 2022 Investor Conference Participation Schedule

• 17^th Annual Needham Virtual Technology & Media Conference
            May 16-18-19, 2022 – Virtual 1x1’s
• J.P. Morgan 50^th Annual Technology, Media, and Telecom Conference
           May 23 - 25 2022 – 1x1’s
• Cowen 50^th Annual TMT Conference
           June 1, 2022 – Fireside Chat & 1x1’s
• Jefferies Software Investor Conference
           June 2, 2022 – 1x1’s
• RSA Conference 2022
           June 6-9, 2022 – Investor 1x1’s & Analyst Group Tours
• Bank of America Merrill Lynch 2022 Global Technology Conference
           June 7-9, 2022 – 1x1’s
• Mizuho 4^th Annual Cybersecurity Summit
           June 13, 2022 – VirtualQ&A
• FBN Silicon Valley Virtual Tour
           June 16, 2022 – Virtual Q&A
  
  

Members of Check Point's management team anticipate attending these conferences and events to discuss the latest company strategies and initiatives. Check Point’s conference presentations if applicable will be available via webcast on the company's web site. To hear these presentations and access 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. is a leading provider of cyber security solutions to corporate enterprises and governments 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.