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CHECK POINT SOFTWARE<br />
FORM 20-F DFN ON-BOA<br />
ˆ200FDMqk04fLlGh7#Š<br />
200FDMqk04fLlGh7<br />
RR Donnelley ProFile wcrdoc1<br />
10.10.12 WCRpf_rend 26-Mar-2012 17:26 EST<br />
229899 TX 41 3*<br />
PAL<br />
09-Apr-2012 13:21 EST CURR<br />
PS PMT 1C<br />
Results of Operations<br />
The following table presents information concerning our results of operations in 2009, 2010 and 2011:<br />
Year Ended December 31,<br />
2009 2010<br />
(in thousands)<br />
2011<br />
Revenues:<br />
Products and licenses ...................................... $361,633 $ 444,400 $ 503,475<br />
Software updates, maintenance and subscriptions ................ 562,784 653,468 743,511<br />
Total revenues ............................................... 924,417 1,097,868 1,246,986<br />
Operating expenses (*):<br />
Cost of products and licenses ................................ 61,495 75,426 81,043<br />
Cost of software updates, maintenance and subscriptions .......... 43,551 55,721 63,469<br />
Amortization of technology ................................. 28,224 32,826 31,171<br />
Total cost of revenues ..................................... 133,270 163,973 175,683<br />
Research and development .................................. 89,743 105,748 110,147<br />
Selling and marketing ...................................... 220,877 235,301 253,800<br />
General and administrative ................................. 56,409 57,244 65,182<br />
Restructuring and other acquisition related costs ................. 9,101 588 —<br />
Total operating expenses ....................................... 509,400 562,854 604,812<br />
Operating income ............................................. 415,017 535,014 642,174<br />
Financial income, net .......................................... 32,058 30,164 39,023<br />
Net gain (impairment net of gains) on sale of marketable securities<br />
previously impaired (**) ..................................... (1,277) (785) 2,017<br />
Income before taxes on income .................................. 445,798 564,393 683,214<br />
Taxes on income .............................................. 88,275 111,567 139,248<br />
Net income .................................................. $357,523 $ 452,826 $ 543,966<br />
(*) Including pre-tax charges for amortization of intangible assets and stock-based compensation in the<br />
following items:<br />
Amortization of intangible assets<br />
Research and development ........................................ $ — $ 2,741 $ —<br />
Selling and marketing ............................................ 22,429 16,309 12,754<br />
Total ............................................................. 22,429 19,050 12,754<br />
Stock-based compensation<br />
Cost of products and licenses ...................................... $ 47 $ 49 $ 58<br />
Cost of software updates, maintenance and subscriptions ................ 641 984 909<br />
Research and development ........................................ 6,649 7,325 7,471<br />
Selling and marketing ............................................ 5,032 7,279 7,888<br />
General and administrative ....................................... 18,538 19,543 23,509<br />
Total ............................................................. $30,907 $35,180 $39,835<br />
(**) Year ended December 31, 2009 includes write down of $3.1 million related to our marketable securities net<br />
of $1.8 million gain on sale of marketable securities that were written down in 2008. Year ended<br />
December 31, 2010 includes a write down of $0.8 million of our marketable securities. Year ended<br />
December 31, 2011 include a gain of $ 2.0 million resulting from sale of our marketable securities that were<br />
previously impaired.<br />
41
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