Yahoo Finance Check Point Software Technologies Ltd. (NASDAQ:CHKP) Q1 2024 Earnings Call Transcript
Check Point Software Technologies Ltd. (NASDAQ:CHKP) Q1 2024 Earnings Call Transcript April 25, 2024
Check Point Software Technologies Ltd. beats earnings expectations. Reported EPS is $2.04, expectations were $2.01. Check Point Software Technologies Ltd. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Kip Meintzer: Greetings and welcome to the Check Point Software 2024 First Quarter Financial Results Video Conference. I am Kip E. Meintzer, Global Head of Investor Relations. And joining me today are Founder and CEO, Gil Shwed; and our Chief Financial Officer, Roei Golan. Before we begin, I'd like to remind everyone that this conference call is being recorded and will be available for replay on our website at checkpoint.com. During the formal presentation, all participants are in listen-only mode to be followed by a Q&A session. During this presentation, Check Point's representatives may make forward-looking statements within the meaning of the Securities Act of the early 1900s. These statements involve risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements.
Factors that could cause actual results to differ materially include, but are not limited to those discussed in Check Point Software's latest filings with the Securities and Exchange Commission. Any forward-looking statements made speak only as of the date hereof, and Check Point Software undertakes no obligation to update publicly any forward-looking statements. 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. If you have any questions after the call, please feel free to contact Investor Relations by e-mail at kip@checkpoint.com. Now, I'd like to turn the call over to Roei Golan.
Roei Golan: Thank you, Kip, and great to see you here with us. One moment, I'll show my screen. Let me know if you can see that. Can you see my screen?
Kip Meintzer: We can.
Roei Golan: Okay. Great. So thank you, Kip. I'm excited to be with you. Actually, we started very strong. We finished the quarter of Q1 with EPS of $2.04, a 13% increased year-over-year and net income of $235 million, represent 8% increase year-over-year. Also, our revenues were above the mid-point of our projection. They actually grew by 6% to $599 million, $6 million above the mid-point of our projection, while the EPS, as mentioned, grew by 13% and was $0.04 above the mid-point of our projections. So let's move to the revenues and deferred revenues and billings. So as indicated on the revenue side, we grew by 6%. The deferred revenues grew by 2% to $1,826 million, while our current deferred revenue short-term deferred revenues grew by 2%, also to $1,347 million.
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