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| Statement |
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| I'm proud that in Check Point, we had that consistent execution even with those trends |
| And I'm very glad to say that in the fourth quarter, we've seen double-digit growth in our new business -- in our internal measures |
| It's not reveal, but I think that's the strength of what we have |
| Actually it's the highest quarter to have an EPS since 2011 |
| First, as we said, I mean, it's -- first, we are getting every product in Check Point with subscription base is growing very fast |
| So it's also we see consistent double-digit growth in -- strong double-digit growth in new business related to Infinity |
| We showed you -- in the last few quarters, we are showing consistent -- a strong double-digit growth in revenues |
| We see consistent strong subscription revenues growth of 15% this quarter to $266 million |
| This call is mainly driven by strong performance, a strong demand for our Infinity platform, our Infinity consolidated platform and Harmony E-mail |
| We continue to see strong momentum for both of them, and that's going -- that's what we see here, the 15% growth in the last quarter |
| So this is a pretty big part of our business these days, and we are very proud on what we've done with that and the value and the security that we can deliver to customers that nobody else can |
| This is a result of significant improvement during the year in the supply chain environment, which is much better than what we've seen last year, in 2022 |
| All of them use the Infinity core services, the ThreatCloud, the play blocks, all of it and many, many other core services that we have in the middle to deliver the best security, and I'm very proud that we are able to do so |
| We are talking about strong double-digit growth in new business bookings |
| Almost everybody that registered actually showed up, which is also a good indication of the enthusiasm |
| In Q4, we did see a really positive turnaround with double-digit growth |
| As indicated, we continue to see strong adoption for our Infinity platform |
| Infinity consolidated platform continue to flow in an accelerated way to our revenues, with a strong double-digit growth year-over-year |
| The highest satisfaction rate ever over nine, and the highest satisfaction we measure it on many, many different aspects |
| They were all very, very strong |
| It represented double-digit growth in revenues in America, mainly driven by Infinity's strong demand for Infinity there and Harmony E-mail business |
| All the sessions got very high score, which I was very proud of all the people in Check Point to do that |
| That's the strength of the Check Point platform |
| You see both the number and the percentage grew that year, which means that every month, we introduced approximately one more -- one new engine to the Infinity platform, and that's a huge strength |
| The indicators for the first quarter are positive, too |
| So I think it's a very good positive momentum that we've seen in Q4 |
| So we're very proud of that, and I think it shows |
| And it's good for us because the more you create it, you get more predictable and long-lasting business |
| Non-GAAP operating income continues to be strong at $309 million, a 7% growth year-over-year and represented a 47% operating margin compared to 45% operating margin last year |
| I think it's a very good testimony to the Check Point product team to be able to get into a leadership -- into a leadership position in so many categories |
| Statement |
|---|
| We actually ended 2022 with what we think was a very tough economy when customers held back on projects, postponed investments and actually the level of new business was going down |
| So if I need to summarize, we finished -- we started 2023, and you see it here in the graph, with a very challenging market condition |
| Our GAAP net income was $249 million or $2.15 per diluted share, 2% decrease year-over-year, and it's mainly due to higher amortization related to our recent acquisition of mainly of Perimeter 81 |
| As I mentioned, last year, we had a very tough three quarters at the beginning of the year, where actually new projects were delayed, postponed |
| And the new business and the products were going down |
| But once we exited the pandemic instead of the economy flying through the roof when everybody goes back to spending, there was a challenge |
| We've actually seen with some of our competitors that they are being hit by the slowdown that we've seen a year ago |
| I think Roei also indicated the challenge |
| Looking into next year and our operating margin, we need to take into account the recent acquisition that we completed in December and October that will have a headwind of approximately 2 points to operating margin 2024 |
| The real change what we're seeing is actually in the products and licenses that are going down less than before |
| In 2023, despite the tough economy and despite the fact that for three quarters, we had a decline in new business, we had it stable |
| It's not a challenge, I think |
| GAAP EPS is expected to be approximately $1.70 less than that |
| And in the last few months, I would say, I've been struggling again with that question |
| And yet, at the same time, let's remember, there's a lot of uncertainties |
| But then -- again, it's a time -- you say, times are tough |
| Not enough |
| And even now if the situation in Israel, shows us that you can always be surprised |
| I remind you also the billing duration that again, because of the high interest environment, 2023 was -- the billing duration in general was lower than compared to 2022 |
| So it didn't -- it grew a little bit, but not by a lot |
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