RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (Unaudited, in millions, except per share amounts) Three Months Ended March 31, 2025 2024 GAAP operating income $195.5 $193.9 Stock-based compensation (1) 41.2 41.6 Amortization of intangible assets and acquisition related expenses (2) (*) 21.9 16.5 Non-GAAP operating income $258.6 $252.0 GAAP net income $190.9 $183.9 Stock-based compensation (1) 41.2 41.6 Amortization of intangible assets and acquisition related expenses (2) (*) 21.9 16.5 Taxes on the above items (3) (7.8) (7.5)Non-GAAP net income $246.2 $234.5 GAAP diluted earnings per share $1.71 $1.60 Stock-based compensation (1) 0.37 0.36 Amortization of intangible assets and acquisition related expenses (2) (*) 0.2 0.15 Taxes on the above items (3) (0.07) (0.07)Non-GAAP diluted earnings per share $2.21 $2.04 Number of shares used in computing diluted Non-GAAP earnings per share 111.4 115.2 (1) Stock-based compensation: Cost of products and licenses $0.1 $0.1 Cost of software updates and maintenance 2.1 2.2 Research and development 14.7 14.7 Selling and marketing 14.6 15.9 General and administrative 9.7 8.7 41.2 41.6 (2) Amortization of intangible assets and acquisition related expenses (*): Amortization of technology-cost of revenues 7.6 5.8 Research and development 1.5 1.6 Selling and marketing 12.8 9.1 21.9 16.5 (3) Taxes on the above items (7.8) (7.5)Total, net $55.3 $50.6 (*) While amortization of acquired intangible assets is excluded from the measures, the revenue of the acquired companies is reflected in the measures and the acquired assets contribute to revenue generation.
CONDENSED CONSOLIDATED BALANCE SHEET DATA(In millions)ASSETS March 31, December 31, 2025(Unaudited) 2024(Audited)Current assets: Cash and cash equivalents $450.2 $506.2Marketable securities and short-term deposits 1,012.0 865.7Trade receivables, net 399.7 728.8Prepaid expenses and other current assets 94.5 92.7Total current assets 1,956.4 2,193.4 Long-term assets: Marketable securities 1,469.8 1,411.9Property and equipment, net 83.0 80.8Deferred tax asset, net 80.6 74.7Goodwill and other intangible assets, net 1,877.9 1,897.1Other assets 90.2 96.6Total long-term assets 3,601.5 3,561.1 Total assets $5,557.9 $5,754.5 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Deferred revenues $1,389.8 $1,471.3 Trade payables and other accrued liabilities 394.8 472.9 Total current liabilities 1,784.6 1,944.2 Long-term liabilities: Long-term deferred revenues 525.6 529.0 Income tax accrual 467.4 459.6 Other long-term liabilities 31.8 32.3 Total long-term liabilities 1,024.8 1,020.9 Total liabilities 2,809.4 2,965.1 Shareholders’ equity: Share capital 0.8 0.8 Additional paid-in capital 3,125.5 3,049.5 Treasury shares at cost (14,579.6) (14,264.4)Accumulated other comprehensive gain (2.9) (10.3)Retained earnings 14,204.7 14,013.8 Total shareholders’ equity 2,748.5 2,789.4 Total liabilities and shareholders’ equity $5,557.9 $5,754.5 Total cash and cash equivalents, marketable securities, and short-term deposits $2,932.0 $2,783.8 CHECK POINT SOFTWARE TECHNOLOGIES LTD.
First Quarter 2025 Financial Highlights: Cash Flow from Operations: $421 million, a 17 percent increase year over year Calculated Billings* reached $553 million, a 7 percent increase year over year Remaining Performance Obligation (RPO)**: $2.4 billion, an 11 percent increase year over year Total Revenues: $638 million, a 7 percent increase year over year Products & Licenses Revenues: $114 million, a 14 percent increase year over year Security Subscriptions Revenues: $291 million, a 10 percent increase year over year GAAP Operating Income: $196 million, representing 31 percent of total revenues Non-GAAP Operating Income: $259 million, representing 41 percent of total revenues GAAP EPS: $1.71, a 7 percent increase year over year Non-GAAP EPS: $2.21, a 9 percent increase year over year "The first quarter results have provided a solid foundation to expand upon as we progress through the year. Strong demand for our Quantum Force appliances, fueled by refresh cycles and new projects delivered double-digit year-over-year growth in products and licenses revenues," stated CEO Nadav Zafrir.
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Author / Journalist: Check Point Software Technologies INC
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