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Check Point Software Technologies' (CHKP) CEO Gil Shwed On Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Conference Call

April 20, 2016, 08:30 AM ET


Kip Meintzer - Head of Global Investor Relations

Gil Shwed - Founder and Chief Executive Officer

Tal Payne - Chief Financial Officer and Chief Operating Officer


Walter Pritchard - Citi

Ralph Eyal - Oppenheimer & Company

Rob Owens - Pacific Crest Securities

Michael Turits - Raymond James

John DiFucci - Jefferies

Gabriela Borges - Goldman Sachs

Sterling Auty - JPMorgan

Philip Winslow - Credit Suisse

Robert Breza - Wunderlich Securities

Gregg Moskowitz - Cowen and Company

Ken Talanian - EVERCORE ISI

Matthew Hedberg - RBC Capital Markets

Erik Suppiger - JMP Securities

Gray Powell - Wells Fargo Securities

Fatima Aslam Boolani - UBS Securities


Greetings, and welcome to the Check Point Software Technologies First Quarter 2016 Financial Results. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Kip E. Meintzer, Head of Global Investor Relations for Check Point Software Technologies. Thank you. Mr. Meintzer, you may now begin.

Kip Meintzer

Thank you. I’d like to thank all of you joining us today to discuss Check Point's 2016 first quarter financial results. Joining me on the call today from the French Riviera are Gil Shwed, Founder and CEO, along with our CFO and COO, Tal Payne. As a reminder, this call is webcast live on our website and is recorded for replay.

To access the live webcast and replay information, please visit the company's website at For your convenience, the conference call replay will be available through April 27. If you would like to reach us after the call, please contact Investor Relations by email at, or by phone at +1-650-628-2040.

Before we begin with management's presentation, I'd like to highlight the following. During the course of this presentation, Check Point representatives may make certain forward-looking statements. These forward-looking statements within the meaning of Section 27A of the Securities 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 business, financial performance, customers and products, including its expectations for product introductions and enhancements; our expectations regarding the introduction of new products, programs and success for those products and programs; our intention to broaden our cyber security program and expand into additional markets; our expectations regarding demand for our solutions; our expectations regarding the results from expanded investments in our business; and our expectations regarding our business and financial outlook, including our guidance for Q2 2016 and full-year 2016.

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 are contained in Check Point's earnings release issued on April 20, 2016, which is available on our website, in Other Factors and Risks, including those discussed in Check Point's annual report on Form 20-F for the year ended December 31, 2014, which is on file with the Securities and Exchange Commission. Check Point assumes no obligation to update information concerning its expectations or beliefs, except as required by law.

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.

With that, I'd like to turn the call over to Tal Payne for a review of the financial results.