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CHECK POINT SOFTWARE FORM 20-F DFN ON-BOA ˆ200FDMqk04fMRZj7lŠ 200FDMqk04fMRZj7 RR Donnelley ProFile wcrdoc1 10.10.12 WCRpf_rend 26-Mar-2012 17:26 EST 229899 TX 46 3* PAL 09-Apr-2012 13:21 EST CURR PS PMT 1C Quarterly Results of Operations The following tables set forth certain unaudited quarterly consolidated statements of income data from the reports on Form 6-K that we furnished to the Securities and Exchange Commission, as well as the percentage of our revenues represented by each item. We prepare our unaudited quarterly consolidated financial statements on the same basis as our audited annual consolidated financial statements and include all adjustments (consisting only of normal recurring adjustments) that we consider necessary for a fair presentation of such information. You should read this information in conjunction with our consolidated financial statements, including the related notes, appearing in “Item 18 – Financial Statements.” Year Ended December 31, 2010 Year Ended December 31, 2011 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Unaudited (in thousands, except per share amounts) Revenues: Products and licenses .......... Software updates, maintenance $ 91,038 $103,904 $106,399 $143,059 $105,258 $119,288 $120,700 $158,229 and subscriptions ............ 154,039 157,187 166,795 175,447 176,016 181,356 187,610 198,529 Total revenues .................... 245,077 261,091 273,194 318,506 281,274 300,644 308,310 356,758 Operating expenses: Cost of products and licenses .... 16,505 16,287 18,798 23,836 17,652 18,983 18,760 25,648 Cost of software updates, maintenance and subscription ................ 12,245 13,547 14,912 15,017 14,297 15,623 16,066 17,483 Amortization of technology ..... 8,066 8,150 8,311 8,299 7,849 7,850 7,849 7,623 Total cost of revenues .......... 36,816 37,984 42,021 47,152 39,798 42,456 42,675 50,754 Research and development ...... 24,322 25,807 26,165 29,454 27,643 27,524 28,063 26,917 Selling and marketing .......... 54,776 58,619 55,871 66,035 58,510 64,785 62,091 68,414 General and administrative ...... 13,302 15,980 14,075 13,887 13,990 15,833 17,297 18,062 Restructuring and other acquisition related costs ................ — 588 — — — — — — Total operating expenses (*) ..... 129,216 138,978 138,132 156,528 139,941 150,598 150,126 164,147 Operating income ............. 115,861 122,113 135,062 161,978 141,333 150,046 158,184 192,611 Financial income, net .......... 7,193 7,133 7,243 8,595 9,161 10,183 9,638 10,041 Net gain (impairment net of gains) on sale of marketable securities previously impaired (**) ...... — — — (785) 1,368 649 — — Income before taxes on income . . . 123,054 129,246 142,305 169,788 151,862 160,878 167,822 202,652 Taxes on income .............. 25,013 26,385 27,790 32,379 29,773 32,887 33,748 42,840 Net Income .................. $ 98,041 $102,861 $114,515 $137,409 $122,089 $127,991 $134,074 $159,812 Basic earnings per share ........ $ 0.47 $ 0.49 $ 0.55 $ 0.66 $ 0.59 $ 0.62 $ 0.65 $ 0.78 Shares used in computing basic earnings per share ........... 209,014 207,914 207,239 208,280 208,177 207,129 206,311 206,083 Diluted earnings per share ....... $ 0.46 $ 0.48 $ 0.54 $ 0.64 $ 0.57 $ 0.60 $ 0.63 $ 0.75 Shares used in computing diluted earnings per share ........... 213,523 212,166 211,637 214,432 214,934 214,565 213,412 212,807 46
CHECK POINT SOFTWARE FORM 20-F DFN ON-BOA ˆ200FDMqk04fMXuX7XŠ 200FDMqk04fMXuX7 RR Donnelley ProFile wcrdoc1 10.10.12 WCRpf_rend 26-Mar-2012 17:27 EST 229899 TX 47 2* PAL 09-Apr-2012 13:21 EST CURR PS PMT 1C (*) Including pre-tax charges for amortization of intangible assets related to our acquisitions and Stock-based compensation in the following items: Year Ended December 31, 2010 Year Ended December 31, 2011 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Unaudited (in thousands) Amortization of intangible assets: Research and development ......... 685 685 685 685 — — — — Selling and marketing ............. 4,012 4,058 4,118 4,122 3,183 3,182 3,164 3,225 Total .......................... $4,697 $4,743 $4,803 $4,807 $3,183 $3,182 $3,164 $3,225 Stock-based compensation Cost of products and licenses . . . $ 11 $ 17 $ 10 $ 11 $ 11 $ 19 $ 11 $ 17 Cost of software updates, maintenance and subscriptions .............. 227 231 322 204 190 255 235 229 Research and development ......... 1,648 1,693 2,403 1,581 1,433 2,022 2,164 1,852 Selling and marketing ............. 2,246 1,550 1,776 1,707 1,891 1,690 2,328 1,979 General and administrative ......... 4,801 5,589 4,190 4,963 4,720 5,914 6,757 6,118 (**) Including write-down of $0.8 million in the fourth quarter of 2010, related to our marketable securities and a non-cash gain of $ 1.4 million and $0.6 million in the first and second quarters of 2011, respectively. As a percentage of total revenues: Year Ended December 31, 2010 Year Ended December 31, 2011 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Revenues: Products and licenses ......................... 37% 40% 39% 45% 37% 40% 39% 44% Software updates, maintenance and subscriptions . . . 63 60 61 55 63 60 61 56 Total revenues ................................... 100 100 100 100 100 100 100 100 Operating expenses: Cost of products and licenses ................... 7 7 7 7 6 6 6 7 Cost of software updates, maintenance and services .................................. 5 5 5 5 5 5 5 5 Amortization of technology .................... 3 3 3 3 3 3 3 2 Total cost of revenues ......................... 15 15 15 15 14 14 14 14 Research and development ..................... 10 10 10 9 10 9 9 8 Selling and marketing ......................... 22 22 20 21 21 22 20 19 General and administrative ..................... 6 6 6 4 5 5 6 5 Restructuring and other acquisition related costs ........ — — — — — — — — Total operating expenses ........................... 53 53 51 49 50 50 49 46 Operating income ................................ 47 47 49 51 50 50 51 54 Financial income, net ............................. 3 3 3 2 4 4 3 3 Other than temporary impairment net of gain on sale of marketable securities previously impaired ........... — — — — — — — — Income before taxes on income ...................... 50 50 52 53 54 54 54 57 Taxes on income ................................. 10 10 10 10 11 11 11 12 Net Income ..................................... 40% 40% 42% 43% 43% 43% 43% 45% 47
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