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SAN CARLOS, CA -- (Marketwired) -- 07/22/15 -- Check Point® Software Technologies Ltd. (NASDAQ: CHKP), the worldwide leader in securing the Internet, today announced its financial results for the second quarter ended June 30, 2015.

• Total Revenue: $395 million, representing a 9 percent increase year over year
• Non-GAAP Operating Income: $221 million, representing a 7 percent increase year over year
• Non-GAAP EPS: $0.99, representing an 11 percent increase year over year
• Deferred Revenues: $780 million, representing an 18 percent increase year over year
  
  

"We continued to post good financial results in the second quarter. Total revenues from products and software blades subscriptions delivered 11 percent growth, which was driven by strong demand across industries and business segments. Data Center, Super High-End and SMART-1 Management appliances drove product revenue growth. Subscription growth was driven by demand for our new and innovative technologies including Threat Emulation and Threat Extraction which combat advanced cyber-attacks," said Gil Shwed, founder and chief executive officer of Check Point Software Technologies.

Financial Highlights for the Second Quarter of 2015:

• Total Revenue: $395 million compared to $363 million in the second quarter of 2014.
• GAAP Operating Income: $199 million compared to $190 million in the second quarter of 2014.
• Non-GAAP Operating Income: $221 million compared to $207 million in the second quarter of 2014.
• GAAP Net Income and Earnings per Diluted Share: GAAP net income was $163 million compared to $160 million in the second quarter of 2014. GAAP earnings per diluted share were $0.88 compared to $0.83 in the second quarter of 2014.
• Non-GAAP Net Income and Earnings per Diluted Share: Non-GAAP net income was $183 million compared to $172 million in the second quarter of 2014. Non-GAAP earnings per diluted share were $0.99 compared to $0.89 in the second quarter of 2014.
• Deferred Revenues: As of June 30, 2015, deferred revenues were $780 million compared to $660 million as of June 30, 2014.
• Cash Flow: Cash flow from operations increased to $193 million from $168 million in the second quarter of 2014.
• Share Repurchase Program: During the second quarter of 2015, the company repurchased 2.9 million shares at a total cost of $245 million compared to $194 million in the second quarter of 2014.
• Cash Balances, Marketable Securities and Short Term Deposits: $3,611 million as of June 30, 2015, compared to $3,643 million as of June 30, 2014. The change reflects our strong cash flow, offset by expanded share repurchase program and the Company's recent acquisitions.
  
  

For information regarding the non-GAAP financial measures discussed in this release, as well as a reconciliation of such non-GAAP financial measures to the most directly comparable GAAP financial measures, please see "Use of Non-GAAP Financial Information" and "Reconciliation of GAAP to Non-GAAP Financial Information."

BUSINESS HIGHLIGHTS:

We launched the following new products and technologies:

Mobile Threat Prevention - The acquisition of Lacoon Mobile Security expands Check Point's mobile security portfolio by adding advanced mobile application threat emulation, behavioral risk analysis and real-time anomaly detection capabilities.

Critical Infrastructure Security - The launch of the 1200R security gateway appliance is an extension of Check Point's solutions for Industrial Control Systems (ICS) and critical infrastructure. The 1200R is a ruggedized security gateway appliance purposely-built for deployment in remote often harsh environments. It delivers full visibility and granular control of SCADA traffic to prevent network, devices and logical process attacks.

Cloud Security - Check Point vSEC designed for VMware NSX to extend comprehensive, best-in-class security to private cloud environments. The integrated solution allows customers to accelerate security deployment in virtualized datacenter environments for east-west traffic. The solution prevents zero-day attacks, APTs and other security threats within the private cloud.

We have also expanded our research and security partnerships, including:

2015 Check Point Security Report - Check Point issued its annual Security Report, based on collaborative research and in-depth analysis from more than 16,000 Threat Prevention gateways and 1 million smartphones. The report revealed that 96% of organizations are using high-risk applications and that there was an increase in security incidents across all categories: more data leakage incidents, additional attacks and malware and an increase in malicious sites being accessed. The report is available at http://www.checkpoint.com/securityreport.

Discovered Massive Vulnerability in Magento eCommerce Platform - Check Point's Malware and Vulnerability Research Group recently discovered a critical RCE (remote code execution) vulnerability in eBay's Magento web ecommerce platform, affecting nearly two hundred thousand online shops. If exploited, the vulnerability would give the attacker the ability to compromise an online store based on the Magento platform, including credit card information and other customer financial and personal data.

Check Point and FireEye Partnership - Check Point and FireEye announced the sharing of threat intelligence to protect mutual customers from modern advanced attacks. As part of this cooperation, Check Point's ThreatCloud and Next Generation Threat Prevention solutions and the FireEye NX platform will share the latest threat intelligence in real-time, allowing customers to update firewall security policies dynamically based on the intelligence from both platforms.

We received the following industry accolades:

Leader in the Gartner Magic Quadrant for Enterprise Network Firewall - Check Point is positioned as a Leader in the Gartner Magic Quadrant for Enterprise Network Firewall. The company has been in the Leaders quadrant since 1997.(1)

Number One in Worldwide Firewall Equipment Market Share - Check Point led in the worldwide market share for Firewall Equipment for Q1 2015, according to the Gartner Market Share: Enterprise Network Equipment by Market Segment, Worldwide reports.(2)

Top Position in Worldwide Combined Firewall and UTM Appliance Market - Check Point continued to be the number one vendor in worldwide combined Firewall and UTM appliance revenue for Q1 2015, according to the IDC Worldwide Quarterly Security Appliance Tracker.(3)

"We are pleased with the increased demand for our latest technologies to combat cyber-attacks and the healthy interest in our mobile threat prevention technologies. We continue to execute on our vision for a consolidated security platform that addresses tomorrow's security needs," Shwed concluded.

Third Quarter 2015 Investor Conference Participation Schedule:

• Needham 2015 Software and Services Conference
  August 5, 2015 - New York, NY
  
  
• Pacific Crest 17th Annual Global Technology Leadership Forum
  August 11, 2015 - Vail, CO
  
  
• Citi 2015 Global Technology Conference
  September 10, 2015 - New York, NY
  
  
• Deutsche Bank 2015 Technology Conference
  September 16-17, 2015 - Las Vegas, NV (1x1 meetings only)
  
  

Members of Check Point's management team are expected to present at these conferences and discuss the latest company strategies and initiatives. Check Point's conference presentations are expected to be available via webcast on the company's web site. To view these presentations and access the most updated information please visit the company's web site at www.checkpoint.com/ir. The schedule is subject to change.

Conference Call and Webcast Information
Check Point will host a conference call with the investment community on July 22, 2015 at 8:30 AM ET/5:30 AM PT. To listen to the live webcast, please visit the website at: www.checkpoint.com/ir. A replay of the conference call will be available through July 29, 2015 on the company's website or by telephone at +1.201.612.7415, replay ID number 13614245.

About Check Point Software Technologies Ltd.
Check Point Software Technologies Ltd. (www.checkpoint.com), the largest pure-play security vendor globally, provides industry-leading solutions, and protects customers from cyber-attacks with an unmatched catch rate of malware and other types of attacks. Check Point offers a complete security architecture defending enterprises' networks to mobile devices, in addition to the most comprehensive and intuitive security management. Check Point protects over 100,000 organizations of all sizes. At Check Point, we secure the future.

©2015 Check Point Software Technologies Ltd. All rights reserved

Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, statements related to the increased demand for, and penetration of, our latest technologies to combat cyber-attacks and the interest in our mobile threat prevention technologies; our continued execution on our vision for a consolidated security platform that addresses tomorrow's security needs; and our expectations for our products, services and technology and the market acceptance thereof. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include our ability to continue to develop platform capabilities and solutions; customer acceptance and purchase of our existing solutions and new solutions; the market for IT security continuing to develop; competition from other products and services; and general market, political, economic and business conditions. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 20-F for the year ended December 31, 2014, filed with the Securities and Exchange Commission on April 24, 2015. The forward-looking statements in this press release are based on information available to Check Point as of the date hereof, and Check Point disclaims any obligation to update any forward-looking statements, except as required by law.

Use of Non-GAAP Financial Information
In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, Check Point uses non-GAAP measures of net income, operating income and earnings per share, which are adjustments from results based on GAAP to exclude stock-based compensation charges, amortization of intangible assets and acquisition related expenses and the related tax affects. Check Point's management believes the non-GAAP financial information provided in this release is useful to investors' understanding and assessment of Check Point's ongoing core operations and prospects for the future. Historically, Check Point has also publicly presented these supplemental non-GAAP financial measures in order to assist the investment community to see the Company "through the eyes of management," and thereby enhance understanding of its operating performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measures discussed in this press release to the most directly comparable GAAP financial measures is included with the financial statements contained in this press release. Management uses both GAAP and non-GAAP information in evaluating and operating business internally and as such has determined that it is important to provide this information to investors.

(1) G00263955. Adam Hils, Greg Young, Jeremy D'Hoinne. 22 April 2015.

(2) Gartner, Inc., Market Share: Enterprise Network Equipment by Market Segment, Worldwide, 1Q15, Christian Canales, Petr Gorodetskiy, Naresh Singh, and Joe Skorupa, June 2015. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

(i-ii) Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

(3) Source: IDC Worldwide Quarterly Security Appliance Tracker 1Q2015, June 4, 2015.

                   CHECK POINT SOFTWARE TECHNOLOGIES LTD.
                      CONSOLIDATED STATEMENT OF INCOME

                  (In thousands, except per share amounts)

                                Three Months Ended       Six Months Ended
                             ----------------------- -----------------------
                                     June 30,                June 30,
                             ----------------------- -----------------------
                                 2015        2014        2015        2014
                             ----------- ----------- ----------- -----------
                             (unaudited) (unaudited) (unaudited) (unaudited)
Revenues:
 Products and licenses       $   132,284 $   124,342 $   246,581 $   232,281
 Software Blades
  subscriptions                   76,627      63,743     150,976     125,500
                             ----------- ----------- ----------- -----------
Total revenues from products
 and software blades             208,911     188,085     397,557     357,781
 Software updates and
  maintenance                    186,423     174,513     370,353     347,023
                             ----------- ----------- ----------- -----------
Total revenues                   395,334     362,598     767,910     704,804
                             ----------- ----------- ----------- -----------

Operating expenses:
 Cost of products and
  licenses                        23,973      22,353      44,933      42,413
 Cost of software blades
  subscriptions                    1,787       1,092       3,311       2,602
                             ----------- ----------- ----------- -----------
Total cost of products and
 software blades                  25,760      23,445      48,244      45,015
 Cost of Software updates
  and maintenance                 19,303      17,506      37,973      34,754
Amortization of technology           540          60         716         120
                             ----------- ----------- ----------- -----------
Total cost of revenues            45,603      41,011      86,933      79,889

 Research and development         36,230      33,451      71,754      66,417
 Selling and marketing            92,126      79,821     168,142     148,435
 General and administrative       22,297      18,394      44,988      35,644
                             ----------- ----------- ----------- -----------
Total operating expenses         196,256     172,677     371,817     330,385
                             ----------- ----------- ----------- -----------

Operating income                 199,078     189,921     396,093     374,419
Financial income, net              8,582       7,298      16,620      14,447
                             ----------- ----------- ----------- -----------
Income before taxes on
 income                          207,660     197,219     412,713     388,866
Taxes on income                   45,024      37,563      89,194      76,125
                             ----------- ----------- ----------- -----------
Net income                   $   162,636 $   159,656 $   323,519 $   312,741
                             =========== =========== =========== ===========
Basic earnings per share
                             $      0.90 $      0.84 $      1.78 $      1.64
                             =========== =========== =========== ===========
Number of shares used in
 computing basic earnings
 per share                       180,416     189,933     181,767     190,972
                             =========== =========== =========== ===========
Diluted earnings per share
                             $      0.88 $      0.83 $      1.74 $      1.61
                             =========== =========== =========== ===========
Number of shares used in
 computing diluted earnings
 per share                       185,140     193,380     186,391     194,566
                             =========== =========== =========== ===========



                   CHECK POINT SOFTWARE TECHNOLOGIES LTD.
          RECONCILIATION OF GAAP TO NON GAAP FINANCIAL INFORMATION

                  (In thousands, except per share amounts)

                         ------------------------  ------------------------
                            Three Months Ended         Six Months Ended
                         ------------------------  ------------------------
                                 June 30,                  June 30,
                         ------------------------  ------------------------
                             2015         2014         2015         2014
                         -----------  -----------  -----------  -----------
                         (unaudited)  (unaudited)  (unaudited)  (unaudited)

GAAP operating income    $   199,078  $   189,921  $   396,093  $   374,419
Stock-based compensation
 (1)                          18,801       16,587       36,578       29,058
Amortization of
 intangible assets and
 acquisition related
 expenses (2)                  3,317          535        4,603        1,070
                         -----------  -----------  -----------  -----------
Non-GAAP operating
 income                  $   221,196  $   207,043  $   437,274  $   404,547
                         ===========  ===========  ===========  ===========

GAAP net income          $   162,636  $   159,656  $   323,519  $   312,741
Stock-based compensation
 (1)                          18,801       16,587       36,578       29,058
Amortization of
 intangible assets and
 acquisition related
 expenses (2)                  3,317          535        4,603        1,070
Taxes on the above items
 (3)                          (1,844)      (4,679)      (2,948)      (6,868)
                         -----------  -----------  -----------  -----------
Non-GAAP net income      $   182,910  $   172,099  $   361,752  $   336,001
                         ===========  ===========  ===========  ===========

Diluted GAAP Earnings
 per share               $      0.88  $      0.83  $      1.74  $      1.61
Stock-based compensation
 (1)                            0.10         0.08         0.11         0.15
Amortization of
 intangible assets and
 acquisition related
 expenses (2)                   0.01            -         0.03         0.01
Taxes on the above items
 (3)                               -        (0.02)       (0.02)       (0.04)
                         -----------  -----------  -----------  -----------
Diluted Non-GAAP
 Earnings per share      $      0.99  $      0.89  $      1.86  $      1.73
                         ===========  ===========  ===========  ===========

Number of shares used in
 computing diluted Non-
 GAAP earnings per share     185,140      193,380      186,391      194,566
                         ===========  ===========  ===========  ===========

(1) Stock-based
 compensation:
  Cost of products and
   licenses              $        16  $        22  $        30  $        38
  Cost of software
   updates and
   maintenance                   400          240          714          425
  Research and
   development                 2,862        2,661        5,241        4,754
  Selling and marketing        4,323        3,874        7,919        6,202
  General and
   administrative             11,200        9,790       22,674       17,639
                         -----------  -----------  -----------  -----------
                         $    18,801  $    16,587  $    36,578  $    29,058
                         -----------  -----------  -----------  -----------

(2) Amortization of
 intangible assets and
 acquisition related
 expenses:
  Amortization of
   technology-cost of
   revenues              $       540  $        60  $       716  $       120
  Research and
   development                 1,897            -        2,352            -
  Selling and marketing          880          475        1,535          950
                         -----------  -----------  -----------  -----------
                         $     3,317  $       535  $     4,603  $     1,070
                         -----------  -----------  -----------  -----------
(3) Taxes on the above
 items                   $    (1,844) $    (4,679) $    (2,948) $    (6,868)
                         -----------  -----------  -----------  -----------
Total, net               $    20,274  $    12,443  $    38,233  $    23,260
                         ===========  ===========  ===========  ===========



                   CHECK POINT SOFTWARE TECHNOLOGIES LTD.
                 CONDENSED CONSOLIDATED BALANCE SHEET DATA

                               (In thousands)

                                   ASSETS

                                                   June 30,    December 31,
                                                     2015          2014
                                                 ------------  ------------
                                                  (unaudited)    (audited)
Current assets:
Cash and cash equivalents                        $    215,991  $    261,970
Marketable securities and short-term deposits       1,011,113     1,050,492
Trade receivables, net                                243,223       366,700
Prepaid expenses and other current assets              78,341        68,673
                                                 ------------  ------------
Total current assets                                1,548,668     1,747,835
                                                 ------------  ------------

Long-term assets:
Marketable securities                               2,383,498     2,370,471
Property and equipment, net                            42,663        41,549
Severance pay fund                                      5,571         5,491
Deferred tax asset, net                                16,888        14,368
Goodwill and other intangible assets, net             840,001       741,960
Other assets                                           47,704        27,144
                                                 ------------  ------------
Total long-term assets                              3,336,325     3,200,983
                                                 ------------  ------------

Total assets                                     $  4,884,993  $  4,948,818
                                                 ============  ============

                              LIABILITIES AND
                            SHAREHOLDERS' EQUITY

Current liabilities:
Deferred revenues                                $    634,708  $    651,281
Trade payables and other accrued liabilities          276,422       281,554
                                                 ------------  ------------
Total current liabilities                             911,130       932,835
                                                 ------------  ------------

Long-term liabilities:
Long-term deferred revenues                           145,631       132,732
Income tax accrual                                    264,036       235,705
Deferred tax liability, net                               372           504
Accrued severance pay                                   9,796         9,483
                                                 ------------  ------------
                                                      419,835       378,424
                                                 ------------  ------------

Total liabilities                                   1,330,965     1,311,259
                                                 ------------  ------------

Shareholders' equity:
Share capital                                             774           774
Additional paid-in capital                            905,771       859,124
Treasury shares at cost                            (3,586,136)   (3,126,685)
Accumulated other comprehensive income (loss)           4,684        (1,070)
Retained earnings                                   6,228,935     5,905,416
                                                 ------------  ------------
Total shareholders' equity                          3,554,028     3,637,559
                                                 ------------  ------------
Total liabilities and shareholders' equity
                                                 $  4,884,993  $  4,948,818
                                                 ============  ============
Total cash and cash equivalents, marketable
 securities and short-term deposits              $  3,610,602  $  3,682,933
                                                 ============  ============



                   CHECK POINT SOFTWARE TECHNOLOGIES LTD.
                    SELECTED CONSOLIDATED CASH FLOW DATA

                               (In thousands)

                           Three Months Ended          Six Months Ended
                       -------------------------  -------------------------
                                June 30,                   June 30,
                       -------------------------  -------------------------
                           2015          2014         2015         2014
                       ------------  -----------  -----------  ------------
                        (unaudited)  (unaudited)  (unaudited)   (unaudited)
Cash flow from
 operating activities:
Net income             $    162,636  $   159,656  $   323,519  $    312,741
Adjustments to
 reconcile net income
 to net cash provided
 by operating
 activities:
Depreciation of
 property and
 equipment                    2,541        2,248        4,883         4,439
Amortization of
 intangible assets              998          535        1,632         1,070
Stock-based
 compensation                18,801       16,587       36,578        29,058
Realized gain on
 marketable securities           (7)        (143)         (79)         (154)
Decrease (increase) in
 trade and other
 receivables, net           (26,167)     (15,128)      95,203       130,015
Increase (decrease) in
 deferred revenues,
 trade payables and
 other accrued
 liabilities                 36,658       11,594       17,709      (129,500)
Excess tax benefit
 from stock-based
 compensation                (2,084)      (2,674)      (2,301)       (1,952)
Deferred income taxes,
 net                           (650)      (4,703)         169        (5,687)
                       ------------  -----------  -----------  ------------
Net cash provided by
 operating activities       192,726      167,972      477,313       340,030
                       ------------  -----------  -----------  ------------

Cash flow from
 investing activities:

Cash paid in
 conjunction with
 acquisitions, net of
 acquired cash              (62,413)           -      (96,544)            -
Investment in property
 and equipment               (3,164)      (2,328)      (5,845)       (4,531)
                       ------------  -----------  -----------  ------------
Net cash used in
 investing activities       (65,577)      (2,328)    (102,389)       (4,531)
                       ------------  -----------  -----------  ------------

Cash flow from
 financing activities:
Proceeds from issuance
 of shares upon
 exercise of options          2,228            -       34,015        47,418
Purchase of treasury
 shares                    (244,997)    (194,000)    (486,682)     (380,869)
Excess tax benefit
 from stock-based
 compensation                 2,084        2,674        2,301         1,952
                       ------------  -----------  -----------  ------------
Net cash used in
 financing activities      (240,685)    (191,326)    (450,366)     (331,499)
                       ------------  -----------  -----------  ------------

Unrealized gain (loss)
 on marketable
 securities, net             (9,392)       6,272        3,111         8,860
                       ------------  -----------  -----------  ------------

Increase (decrease) in
 cash and cash
 equivalents,
 marketable securities
 and short term
 deposits                  (122,928)     (19,410)     (72,331)       12,860

Cash and cash
 equivalents,
 marketable securities
 and short term
 deposits at the
 beginning of the
 period                   3,733,530    3,662,194    3,682,933     3,629,924
                       ------------  -----------  -----------  ------------

Cash and cash
 equivalents,
 marketable securities
 and short term
 deposits at the end
 of the period         $  3,610,602  $ 3,642,784  $ 3,610,602  $  3,642,784
                       ============  ===========  ===========  ============