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Check Point Software Technologies Ltd. (NASDAQ:CHKP) Q4 2023 Earnings Call Transcript

Check Point Software Technologies Ltd. (NASDAQ:CHKP) Q4 2023 Earnings Call Transcript February 6, 2024

Check Point Software Technologies Ltd. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Kip Meintzer: [Call Starts Abruptly] …Fourth Quarter and Full Year Financial Results Video Conference. I'm Kip Meintzer, Global Head of Investor Relations. And joining me today are Founder and CEO, Gil Shwed; and our Chief Financial Officer, Roei Golan. Before we begin, I'd like to remind everyone that this conference is being recorded and will be available for replay on our website at checkpoint.com. During the formal presentation, all participants are in listen only-mode to be followed by a Q&A session. During the presentation, Check Point's representatives may make 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. These statements involve risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements.

Factors that could cause actual results to differ materially include, but are not limited, to those discussed in Check Point Software's latest filings with the Securities and Exchange Commission. Any forward-looking statements made speak only as of the date hereof, and Check Point Software undertakes no obligation to update publicly any forward-looking statements. 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. If you have any questions after the call, please feel free to contact Investor Relations by e-mail at kip@checkpoint.com. Now I'd like to turn the call over to Gil Shwed.

An engineer typing on a computer, developing the latest cybersecurity application.
An engineer typing on a computer, developing the latest cybersecurity application.

Gil Shwed: Hi, everyone, and I'm pleased to see you all. I want to start with this picture, and then I'll turn it into the financial results. But I've started my journey in Check Point exactly 31 years ago, just before we started the company in February of 1993. And since then, it's been an amazing journey and amazing growth, which is not over. And I just want to -- I think you've all read the announcement today that I intend to transition my role into an Executive Chairman, which means that I'm going to -- I want to be super involved in Check Point, super involved in the future of Check Point and shift a lot of my attention from the day-to-day management of the company into shaping the future of the cybersecurity market and Check Point, in particular.

I think I've gone a long way. I didn't start quite that, but I started when I was 24 years old. I've grown a lot with Check Point. I think I’ve changed my -- I've learned a lot. I've changed my management style, and I think I'm ready for that next step, which is moving to an Executive Chairman role. So I want to thank you all for your support. It's on -- we are not doing anything today. We're actually starting the journey. And I think starting tomorrow, we will start a more thorough succession planning process. We will start search for replacement for my current role as CEO, which will take anything from -- again, we may be lucky and it will be very short, but to find the right person, to find the right women or men that can be the Check Point CEO, can take -- usually would take anything from six months to two years.

We are all in Check Point super-energetic about 2024. I'll talk more about that in the slides later, and about what's going on. And I'm very excited to start the year and also start the journey into finding a replacement and -- in the future, and I hope it will be in the near future to step into the Executive Chairman role. So with that, I think I'm ready to move the torch to Roei that will take us through the numbers, and then I'll talk more about the vision, the business trends that we've seen this quarter -- this year.

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To continue reading the Q&A session, please click here.

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