UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
Report
of Foreign Private Issuer
Pursuant
to Rule 13a-16 or 15d-16
of
the Securities Exchange Act of 1934
For the
month of January, 2010
Commission
File Number 0-28584
CHECK
POINT SOFTWARE TECHNOLOGIES LTD.
(Translation
of registrant's name into English)
5
Ha’solelim Street, Tel Aviv, Israel
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
Form
20-F x Form
40-F o
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1): ____
Note:
Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K
if submitted solely to provide an attached annual report to security
holders.
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7): ____
Note:
Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K
if submitted to furnish a report or other document that the registrant foreign
private issuer must furnish and make public under the laws of the jurisdiction
in which the registrant is incorporated, domiciled or legally organized (the
registrant's "home country"), or under the rules of the home country exchange on
which the registrant's securities are traded, as long as the report or other
document is not a press release, is not required to be and has not been
distributed to the registrant's security holders, and, if discussing a material
event, has already been the subject of a Form 6-K submission or other Commission
filing on EDGAR.
Indicate
by check mark whether the registrant by furnishing the information contained in
this Form, is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes
o No
x
If "Yes"
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82- ________
FOR
IMMEDIATE RELEASE
|
INVESTOR
CONTACT:
|
MEDIA
CONTACT:
|
|
Kip
E. Meintzer
|
Greg
Kunkel
|
|
Check
Point Software Technologies
|
Check
Point Software Technologies
|
|
+1
650.628.2040
|
+1
650.628.2070
|
|
ir@checkpoint.com
|
press@checkpoint.com
|
CHECK
POINT SOFTWARE REPORTS RECORD FOURTH QUARTER AND FISCAL YEAR 2009 FINANCIAL
RESULTS
Fourth
Quarter 2009:
|
|
·
|
Revenue: $272.1 million,
representing a 25 percent increase year over
year
|
|
|
·
|
Non-GAAP Operating Income:
$152.7 million, representing 56 percent of
revenues
|
|
|
·
|
Non-GAAP EPS: $0.61,
representing a 22 percent increase year over
year
|
|
|
·
|
Deferred
Revenues: $425.3 million, representing a 29 percent increase year over
year
|
|
|
·
|
Cash Flow from Operations:
$138.1 million, representing a 54 percent increase year over
year
|
Fiscal
Year 2009:
|
|
·
|
Revenue: $924.4 million,
representing a 14 percent increase year over
year
|
|
|
·
|
Non-GAAP Operating Income:
$505.7 million, representing 55 percent of
revenues
|
|
|
·
|
Non-GAAP EPS: $2.05,
representing a 15 percent increase year over
year
|
|
|
·
|
Cash Flow from Operations:
$548.7 million, representing a 28 percent increase year over year
year
|
REDWOOD CITY, Calif., -- January 28,
2010 — Check Point® Software Technologies Ltd. (NASDAQ: CHKP), the
worldwide leader in securing the Internet, today announced its financial results
for the fourth quarter and fiscal year ending December 31, 2009.
“I am
very pleased that we were able to deliver an all-time record fourth quarter and
fiscal year 2009 results, which exceeded the high-end of our projections in both
revenues and earnings per share,” said Gil Shwed, chairman and chief executive
officer at Check Point. “Our product sales have shown the highest sequential
growth recorded in our history this quarter. This growth came from all product
lines and across all regions.”
Financial
Highlights for the Fourth Quarter Ended December 31, 2009:
|
·
|
Total Revenues: $272.1
million, an increase of 25 percent compared to $217.6 million in the
fourth quarter of 2008.
|
|
·
|
GAAP Operating Income:
$130.6 million, an increase of 26 percent compared to $103.7
million in the fourth quarter of 2008. The GAAP operating income in the
fourth quarter of 2009 included additional amortization of intangible
assets in the amount of $4.9 million related to the acquisition of the
Nokia security appliance business, which was completed during the second
quarter of 2009.
|
|
·
|
Non-GAAP Operating
Income: $152.7 million, an increase of 27 percent compared to
$120.7 million in the fourth quarter of 2008. Non-GAAP operating margin
was 56 percent, compared to 55 percent in the fourth quarter of
2008.
|
|
·
|
GAAP Net Income and Earnings
per Diluted Share: GAAP net income was $109.5 million, an increase
of 27 percent compared to $86.5 million in the fourth quarter of 2008.
GAAP earnings per diluted share were $0.51, an increase of 24 percent
compared to $0.41 in the fourth quarter of 2008. GAAP net income in the
fourth quarter of 2009 included additional amortization of intangible
assets in the amount of $4.9 million (which represented $0.02 in GAAP
earnings per diluted share) related to the acquisition of the Nokia
security appliance business in 2009. Net of taxes, these charges totaled
$4.5 million ($0.02 per diluted
share).
|
|
·
|
Non-GAAP Net Income and
Earnings per Diluted Share: Non-GAAP net income was $129.5 million,
an increase of 23 percent compared to $105.6 million in the fourth quarter
of 2008, and non-GAAP EPS was $0.61, an increase of 22 percent compared to
$0.50 in the fourth quarter of
2008.
|
|
·
|
Deferred Revenues: As of
December 31, 2009, we had deferred revenue of $425.3 million, an increase
of 29 percent compared to $330.8 as of Decemeber 31,
2008.
|
|
·
|
Cash Flow: Cash flow
from operations was $138.1 million, an increase of 54 percent compared to
$89.4 million in the fourth quarter of
2008.
|
|
·
|
Share Repurchase
Program: During the fourth quarter of 2009, we repurchased 1.5
million shares at a total cost of $50 million.There is approximately $31.4
million remaining of the $400 million authorized in 2008 under Check
Point’s share repurchase program. The company also expanded the share
buyback program enabling the purchase of up to $250 million for the
year.
|
Financial
Highlights for the Year Ended December 31, 2009:
|
·
|
Total Revenues: $924.4
million, an increase of 14 percent compared to $808.5 million in
2008.
|
|
·
|
GAAP Operating Income:
$415.0 million, an increase of 16 percent compared to $356.5
million in 2008. The GAAP operating income in 2009 included additional
amortization of intangible assets in the amount of $14.8 million related
to the acquisition of the Nokia security appliance business in
2009.
|
|
·
|
Non-GAAP Operating
Income: $505.7 million, an increase of 19 percent compared to
$425.8 million in 2008. Non-GAAP operating margin was 55
percent, compared to 53 percent in the
2008.
|
|
·
|
GAAP Net Income and Earnings
per Diluted Share: GAAP net income was $357.5 million, an increase
of 10 percent compared to $324.0 million in 2008. GAAP earnings per
diluted share were $1.68, an increase of 12 percent compared to $1.50 in
2008. GAAP net income in 2009 included additional amortization of
intangible assets in the amount of $14.8 million (which represented $0.07
in GAAP earnings per diluted share) related to the acquisition of the
Nokia security appliance business in 2009. Net of taxes, these charges
totaled $12.6 million ($0.06 per diluted
share).
|
|
·
|
Non-GAAP Net Income and
Earnings per Diluted Share: Non-GAAP net income was $435.3 million,
an increase of 13 percent compared to $386.0 million in 2008, and non-GAAP
EPS was $2.05, an increase of 15 percent compared to $1.78 in
2008.
|
|
·
|
Cash Flow: Cash flow
from operations was $548.7 million, an increase of 28 percent, compared to
$429.9 million in 2008.
|
|
·
|
Cash and Investments
Balance: $1,847 million as of December 31, 2009 compared to $1,444
million in 2008.
|
|
·
|
Share Repurchase
Program: During 2009, we repurchased 7.8 million shares at a total
cost of $202.3 million.
|
For
information regarding the non-GAAP financial measures discussed in this release,
please see “Use of Non-GAAP Financial Information” and “Reconciliation of
Non-GAAP to GAAP Financial Information.”
“We
generated revenue growth across all geographies. The Asia Pacific region was
particulary strong, delivering over 40 percent year over year growth. Our
non-GAAP operating margins expanded to 55 percent for 2009 from 53 percent in
2008, as a result of increasing revenues and the realization of synergies from
the acquisition of the Nokia security appliance business,” Added
Shwed.
In
addition, today we are announcing an expansion of our share buy back program.
The Check Point Board of Directors has authorized the repurchase of up to an
additional $250 million for the year of our outstanding ordinary shares in the
open market or through privately negotiated transactions. Under the repurchase
program, share purchases may be made from time to time depending on market
conditions, share price, trading volume and other factors. Such purchases will
be made in accordance with the requirements of the Securities and Exchange
Commission. For a portion of the authorized repurchase amount, Check Point may
enter into a plan that is compliant with Rule 10b5-1 of the United States
Securities Exchange Act of 1934. The repurchase program has no time limit, does
not require Check Point to acquire a specific number of shares and may be
suspended from time to time or discontinued. The share repurchases will be
funded from available working capital. As of December 31, 2009, Check Point has
approximately 209 million ordinary shares of outstanding stock. Since
its initial share repurchase program announced in October 2003, Check Point has
purchased approximately 73.6 million shares for a total of approximately $1.57
billion.
Business
Highlights
During
2009, we introduced new and innovative security products and technologies
including:
|
·
|
Our
revolutionary Software Blade architecture provides customers with an
integrated flexible security platform with over 30 software blades
available to address their security
needs.
|
|
·
|
The
latest endpoint product innovations WebCheck and OneCheck technologies
provide our customers with secure web browsing and single lock/unlock
mechanism to multiple security
subsystems.
|
|
·
|
New
appliance products introduced during the year
included:
|
|
|
m
|
UTM-1
130 entry-level appliance for branch offices and small
businesses
|
|
|
m
|
High
End Power-1 11000 appliances delivering up to 25Gbps throughput and 15Gbps
of IPS performance
|
|
|
m
|
SMART-1
Management Appliances – for managing a security infrastructure of any
size
|
|
|
m
|
IP
Series appliance line which was acquired from Nokia and introduced bundled
with Check Point’s Software Blade
architecture
|
|
·
|
Acquired
technology from FaceTime to detect and provide security for over 4,500
internet applications and 50,000 web 2.0
widgets.
|
Concluded
Shwed, “I’m very proud of the record results we achieved this year –
generated across our key metrics while continuing to invest and
advance our security industry leadership. This was a great finish to the decade
that we closed by exceeding our projections and delivering the best results to
date. I’d like to thank our loyal customers, partners and employees for their
contribution.”
Conference
Call and Webcast Information
Check
Point will host a conference call with the investment community on January 28,
2010 at 8:30 AM ET/5:30 AM PT. To listen to the live webcast, please
visit Check Point’s website at: http://www.checkpoint.com/ir.
A replay of the conference call will be available through February 4, 2010 at
the company's website http://www.checkpoint.com/ir or by telephone
at +1.201.612.7415, replay ID number 341795.
About
Check Point Software Technologies Ltd.
Check
Point Software Technologies Ltd. (www.checkpoint.com),
a worldwide leader in securing the Internet, is the only vendor to deliver Total
Security for networks, data and endpoints, unified under a single management
framework. Check Point provides customer’s uncompromised protection against all
types of threats, reduces security complexity and lowers total cost of
ownership. Check Point first pioneered the industry with FireWall-1 and its
patented stateful inspection technology. Today, Check Point continues to
innovate with the development of the Software Blade architecture. The dynamic
Software Blade architecture delivers secure, flexible and simple solutions that
can be fully customized to meet the exact security needs of any organization or
environment. Check Point customers include tens of thousands of businesses and
organizations of all sizes including all Fortune 100 companies. Check Point's
award-winning ZoneAlarm solutions protect millions of consumers from hackers,
spyware and identity theft.
###
©2010 Check Point Software Technologies Ltd. All rights
reserved.
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 net
income, operating income and earnings per share, which are adjustments from
results based on GAAP to exclude non-cash equity-based compensation charges,
amortization of acquired intangible assets, restructuring-related charges, other
than temporary impairment of marketable securities, net, 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.
Safe
Harbor 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, including but not limited to, statements
related to our plans to further increase the breadth of our security solutions
portfolio, and to continue delivering products based on our unified security
architecture; our expectations regarding our products and services; our
expectation that we will continue to innovate and deliver products to address
our customers’ security requirements – at every size of organization worldwide;
and our expectations regarding our share repurchase program. Because these
statements pertain to future events they are subject to various risks and
uncertainties, actual results could differ materially from Check Point's current
expectations and beliefs. Factors that could cause or contribute to such
differences include, but are not limited to: Check Point’s development and
delivery of its security products; general market conditions in the Check
Point’s industry; economic and political uncertainties; the impact of political
changes and weaknesses in various regions of the world,
including hostilities or acts of terrorism in Israel where Check
Point’s international headquarters are based; inclusion of network security
functionality in third-party hardware or system software; any foreseen and
unforeseen developmental or technological difficulties with regard to Check
Point's products; changes in the competitive landscape, including new
competitors or the impact of competitive pricing and products; rapid
technological advances and changes in customer requirements to which Check Point
is unable to respond expeditiously, if at all; a shift in demand for products,
such as Check Point's; factors affecting third parties with which Check Point
has formed business alliances; the timely availability and customer acceptance
of Check Point's new and existing products; the timing and amount of our share
repurchases, if any; and the economic environment in which Check Point operates.
The forward-looking statements contained in this press release are subject to
other factors and risks, including those discussed in Check Point's Annual
Report on Form 20-F for the year ending December 31, 2008, which is on file with
the Securities and Exchange Commission. Check Point assumes no obligation to
update these forward-looking statements.
CHECK
POINT SOFTWARE TECHNOLOGIES LTD.
CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per
share amounts)
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(audited)
|
|||||||||||||
|
Revenues:
|
|
|||||||||||||||
|
Products
and licenses
|
$ | 120,205 | $ | 94,040 | $ | 361,633 | $ | 338,317 | ||||||||
|
Software
updates, maintenance and services
|
151,917 | 123,527 | 562,784 | 470,173 | ||||||||||||
|
Total
revenues
|
272,122 | 217,567 | 924,417 | 808,490 | ||||||||||||
|
Operating
expenses:
|
||||||||||||||||
|
Cost
of products and licenses
|
23,060 | 11,889 | 68,121 | 40,842 | ||||||||||||
|
Cost of software updates, maintenance and services
|
10,289 | 6,421 | 36,925 | 27,213 | ||||||||||||
|
Amortization
of technology
|
7,723 | 5,800 | 28,224 | 24,554 | ||||||||||||
|
Total
cost of revenues
|
41,072 | 24,110 | 133,270 | 92,609 | ||||||||||||
|
|
||||||||||||||||
|
Research
and development
|
24,062 | 21,867 | 89,743 | 91,629 | ||||||||||||
|
Selling
and marketing
|
60,487 | 53,395 | 220,877 | 214,439 | ||||||||||||
|
General
and administrative
|
15,920 | 14,448 | 56,409 | 53,313 | ||||||||||||
|
Restructuring
and other acquisition related costs
|
- | - | 9,101 | - | ||||||||||||
|
Total
operating expenses
|
141,541 | 113,820 | 509,400 | 451,990 | ||||||||||||
|
Operating
income
|
130,581 | 103,747 | 415,017 | 356,500 | ||||||||||||
|
Financial
income, net
|
7,690 | 10,525 | 32,058 | 40,876 | ||||||||||||
|
Other
than temporary Impairment, net*
|
(1,277 | ) | (8,933 | ) | (1,277 | ) | (11,221 | ) | ||||||||
|
Income
before income taxes
|
136,994 | 105,339 | 445,798 | 386,155 | ||||||||||||
|
Taxes
on income
|
27,458 | 18,865 | 88,275 | 62,189 | ||||||||||||
|
Net
income
|
$ | 109,536 | $ | 86,474 | $ | 357,523 | $ | 323,966 | ||||||||
|
Earnings
per share (basic)
|
$ | 0.52 | $ | 0.41 | $ | 1.71 | $ | 1.51 | ||||||||
|
Number
of shares used in computing earnings per share (basic)
|
209,093 | 211,731 | 209,371 | 214,361 | ||||||||||||
|
Earnings
per share (diluted)
|
$ | 0.51 | $ | 0.41 | $ | 1.68 | $ | 1.50 | ||||||||
|
Number
of shares used in computing earnings per share (diluted)
|
213,469 | 212,874 | 212,208 | 216,668 | ||||||||||||
* Year
ended December 31, 2009 and the three months ended December 31, 2009 include a
net non-cash write down of $ 1.3 million related to our marketable securities in
accordance with ASC 320 (formerly SFAS 115). Year ended December 31, 2008 and
the three months ended December 31, 2008 include a non cash write down of $ 11.2
million and $8.9 million respectively, of our marketable securities in
accordance with ASC 320 (formerly SFAS 115).
CHECK
POINT SOFTWARE TECHNOLOGIES LTD.
RECONCILIATION
OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(In
thousands, except per share amounts)
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||
|
GAAP
operating income
|
$ | 130,581 | $ | 103,747 | $ | 415,017 | $ | 356,500 | ||||||||
|
Stock-based
compensation (1)
|
8,138 | 8,014 | 30,907 | 32,327 | ||||||||||||
|
Amortization
of intangible assets (2)
|
14,006 | 8,893 | 50,653 | 36,982 | ||||||||||||
|
Restructuring
and other acquisition related costs (3)
|
- | - | 9,101 | - | ||||||||||||
|
Non-GAAP
operating income
|
$ | 152,725 | $ | 120,654 | $ | 505,678 | $ | 425,809 | ||||||||
|
GAAP
net income
|
$ | 109,536 | $ | 86,474 | $ | 357,523 | $ | 323,966 | ||||||||
|
Stock-based
compensation (1)
|
8,138 | 8,014 | 30,907 | 32,327 | ||||||||||||
|
Amortization
of intangible assets (2)
|
14,006 | 8,893 | 50,653 | 36,982 | ||||||||||||
|
Restructuring
and other acquisition related costs (3)
|
- | - | 9,101 | - | ||||||||||||
|
Other
than temporary impairment of marketable securities, net
(4)
|
1,277 | 8,933 | 1,277 | 11,221 | ||||||||||||
|
Taxes
on the above items (5)
|
(3,492 | ) | (6,673 | ) | (14,153 | ) | (18,540 | ) | ||||||||
|
Non-GAAP
net income
|
$ | 129,465 | $ | 105,641 | $ | 435,308 | $ | 385,956 | ||||||||
|
GAAP
Earnings per share (diluted)
|
$ | 0.51 | $ | 0.41 | $ | 1.68 | $ | 1.50 | ||||||||
|
Stock-based
compensation (1)
|
0.04 | 0.04 | 0.15 | 0.15 | ||||||||||||
|
Amortization
of intangible assets (2)
|
0.07 | 0.04 | 0.24 | 0.17 | ||||||||||||
|
Restructuring
and other acquisition related costs (3)
|
- | - | 0.04 | - | ||||||||||||
|
Other
than temporary impairment of marketable securities, net
(4)
|
0.01 | 0.04 | 0.01 | 0.05 | ||||||||||||
|
Taxes
on the above items (5)
|
(0.02 | ) | (0.03 | ) | (0.07 | ) | (0.09 | ) | ||||||||
|
Non-GAAP
Earnings per share (diluted)
|
$ | 0.61 | $ | 0.50 | $ | 2.05 | $ | 1.78 | ||||||||
|
Number
of shares used in computing Non-GAAP earnings per share
(diluted)
|
213,469 | 212,874 | 212,208 | 216,668 | ||||||||||||
|
(1)
Stock-based compensation:
|
||||||||||||||||
|
Cost
of products and licenses
|
$ | 12 | $ | 6 | $ | 47 | $ | 48 | ||||||||
|
Cost
of software updates, maintenance and services
|
105 | 174 | 641 | 684 | ||||||||||||
|
Research
and development
|
1,878 | 1,372 | 6,649 | 5,037 | ||||||||||||
|
Selling
and marketing
|
547 | 993 | 5,032 | 6,855 | ||||||||||||
|
General
and administrative
|
5,596 | 5,469 | 18,538 | 19,703 | ||||||||||||
| 8,138 | 8,014 | 30,907 | 32,327 | |||||||||||||
|
(2)
Amortization of intangible assets:
|
||||||||||||||||
|
Cost
of products and licenses
|
7,723 | 5,800 | 28,224 | 24,554 | ||||||||||||
|
Selling
and marketing
|
6,283 | 3,093 | 22,429 | 12,428 | ||||||||||||
| 14,006 | 8,893 | 50,653 | 36,982 | |||||||||||||
|
(3)
Restructuring and other acquisition related costs
|
- | - | 9,101 | - | ||||||||||||
|
(4)
Other than temporary impairment, net*
|
1,277 | 8,933 | 1,277 | 11,221 | ||||||||||||
|
(5)
Taxes on the above items
|
(3,492 | ) | (6,673 | ) | (14,153 | ) | (18,540 | ) | ||||||||
|
Total
, net
|
$ | 19,929 | $ | 19,167 | $ | 77,785 | $ | 61,990 | ||||||||
* Year
ended December 31, 2009 and the three months ended December 31, 2009 include a
net non-cash write down of $ 1.3 million related to our marketable securities in
accordance with ASC 320 (formerly SFAS 115). Year ended December 31, 2008 and
the three months ended December 31, 2008 include a non cash write down of $ 11.2
million and $8.9 million respectively, of our marketable securities in
accordance with ASC 320 (formerly SFAS 115).
CHECK
POINT SOFTWARE TECHNOLOGIES LTD.
CONDENSED
CONSOLIDATED BALANCE SHEET DATA
(In
thousands)
ASSETS
|
December 31,
|
December 31,
|
|||||||
|
2009
|
2008
|
|||||||
|
(unaudited)
|
(unaudited)
|
|||||||
|
Current
assets:
|
||||||||
|
Cash
and cash equivalents
|
$ | 414,085 | $ | 543,190 | ||||
|
Marketable
securities and deposits
|
469,913 | 371,197 | ||||||
|
Trade
receivables, net
|
283,668 | 251,771 | ||||||
|
Other
current assets
|
34,544 | 28,372 | ||||||
|
Total
current assets
|
1,202,210 | 1,194,530 | ||||||
|
Long-term
assets:
|
||||||||
|
Marketable
securities
|
963,001 | 529,445 | ||||||
|
Property,
plant and equipment, net
|
38,936 | 40,248 | ||||||
|
Severance
pay fund
|
6,314 | 5,817 | ||||||
|
Deferred
income taxes, net
|
16,307 | 19,003 | ||||||
|
Intangible
assets, net
|
114,192 | 123,151 | ||||||
|
Goodwill
|
708,458 | 664,602 | ||||||
|
Other
assets
|
20,176 | 16,820 | ||||||
|
Total
long-term assets
|
1,867,384 | 1,399,086 | ||||||
|
Total
assets
|
$ | 3,069,594 | $ | 2,593,616 | ||||
LIABILITIES
AND
SHAREHOLDERS’
EQUITY
|
Current
liabilities:
|
||||||||
|
Deferred
revenues
|
$ | 384,255 | $ | 289,998 | ||||
|
Trade
payables and other accrued liabilities
|
166,970 | 112,556 | ||||||
|
Total
current liabilities
|
551,225 | 402,554 | ||||||
|
Long-term
deferred revenues
|
41,005 | 40,799 | ||||||
|
Income
tax accrual
|
134,949 | 101,230 | ||||||
|
Deferred
tax liability, net
|
11,636 | 22,225 | ||||||
|
Accrued
severance pay
|
11,061 | 10,943 | ||||||
|
Total
liabilities
|
749,876 | 577,751 | ||||||
|
Shareholders’
equity:
|
||||||||
|
Share
capital
|
774 | 774 | ||||||
|
Additional
paid-in capital
|
527,874 | 503,408 | ||||||
|
Treasury
shares at cost
|
(1,199,752 | ) | (1,105,250 | ) | ||||
|
Accumulated
other comprehensive income (loss)
|
12,555 | (4,673 | ) | |||||
|
Retained
earnings
|
2,978,267 | 2,621,606 | ||||||
|
Total
shareholders’ equity
|
2,319,718 | 2,015,865 | ||||||
|
Total
liabilities and shareholders’ equity
|
$ | 3,069,594 | $ | 2,593,616 | ||||
|
Total
cash and cash equivalents and marketable securities
|
$ | 1,846,999 | $ | 1,443,832 | ||||
CHECK
POINT SOFTWARE TECHNOLOGIES LTD.
SELECTED
CONSOLIDATED CASH FLOW DATA
(In
thousands)
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||
|
Cash
flow from operating activities:
|
||||||||||||||||
|
Net
income
|
$ | 109,536 | $ | 86,474 | $ | 357,523 | $ | 323,966 | ||||||||
|
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||||||||||
|
Depreciation
and amortization of property, plant and equipment
|
1,659 | 2,099 | 8,885 | 8,648 | ||||||||||||
|
Other
than temporary impairment, net
|
1,277 | 8,933 | 1,277 | 11,221 | ||||||||||||
|
Realized
loss on sale of marketable securities, net
|
- | - | 1,896 | - | ||||||||||||
|
Amortization
of intangible assets
|
14,006 | 8,893 | 50,653 | 36,982 | ||||||||||||
|
Stock-based
compensation
|
8,138 | 8,014 | 30,907 | 32,327 | ||||||||||||
|
Increase
in trade and other receivables, net
|
(95,020 | ) | (92,414 | ) | (9,971 | ) | (53,776 | ) | ||||||||
|
Increase
in deferred revenues, trade payables and other accrued
liabilities
|
101,643 | 72,098 | 126,412 | 97,478 | ||||||||||||
|
Excess
tax benefit from stock-based compensation
|
(514 | ) | (3,459 | ) | (7,502 | ) | (13,019 | ) | ||||||||
|
Deferred
income taxes, net
|
(2,657 | ) | (1,265 | ) | (11,386 | ) | (13,926 | ) | ||||||||
|
Net
cash provided by operating activities
|
138,068 | 89,373 | 548,694 | 429,901 | ||||||||||||
|
Cash
flow from investing activities:
|
||||||||||||||||
|
Cash
paid in conjunction with acquisitions, net
|
(1,247 | ) | - | (58,787 | ) | (9,042 | ) | |||||||||
|
Investment
in property, plant and equipment
|
(639 | ) | (1,363 | ) | (4,283 | ) | (8,301 | ) | ||||||||
|
Net
cash used in investing activities
|
(1,886 | ) | (1,363 | ) | (63,070 | ) | (17,343 | ) | ||||||||
|
Cash
flow from financing activities:
|
||||||||||||||||
|
Proceeds
from issuance of shares upon exercise of options
|
30,509 | 7,769 | 92,978 | 35,045 | ||||||||||||
|
Purchase
of treasury shares
|
(49,999 | ) | (66,717 | ) | (202,285 | ) | (239,542 | ) | ||||||||
|
Excess
tax benefit from stock-based compensation
|
514 | 3,459 | 7,502 | 13,019 | ||||||||||||
|
Net
cash used in financing activities
|
(18,976 | ) | (55,489 | ) | (101,805 | ) | (191,478 | ) | ||||||||
|
Unrealized
gain (loss) on marketable securities, net
|
(6,371 | ) | 10,067 | 19,348 | (18,757 | ) | ||||||||||
|
Increase
in cash and cash equivalents, deposits and marketable
securities
|
110,835 | 42,588 | 403,167 | 202,323 | ||||||||||||
|
Cash
and cash equivalents, deposits and marketable
securities
at the beginning of the period
|
1,736,164 | 1,401,244 | 1,443,832 | 1,241,509 | ||||||||||||
|
Cash
and cash equivalents, deposits and marketable
securities
at the end of the period
|
$ | 1,846,999 | $ | 1,443,832 | $ | 1,846,999 | $ | 1,443,832 | ||||||||
Signatures
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
|
CHECK POINT SOFTWARE TECHNOLOGIES LTD.
|
|||
| January 28, 2010 | |||
|
|
By:
|
/s/ Tal Payne | |
|
Tal Payne
|
|||
|
Chief
Financial Officer
|
|||