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Check Point Software Technologies Reports Fourth Quarter and Full Year 2013 Financial Results

SAN CARLOS, CA -- (Marketwired) -- 01/28/14 -- Check Point® Software Technologies Ltd. (NASDAQ: CHKP), the worldwide leader in securing the Internet, today announced financial results for the fourth quarter and full-year ended December 31, 2013.

Fourth Quarter 2013:

  • Total Revenues: $387.1 million, representing a 5 percent increase year-over-year
  • Deferred revenues: $671.6 million, representing a 14 percent increase year-over-year and 19 percent sequentially
  • Non-GAAP EPS: $0.98, representing an 8 percent increase year-over-year

Full Year 2013:

  • Total Revenues: $1,394.1 million, representing a 4 percent increase year-over-year
  • Non-GAAP EPS: $3.43, representing an 8 percent increase year-over-year

"The fourth quarter represented one of the best quarters that I can remember, which is reflected in our customer wins and deferred revenues. The Americas and Europe delivered great results that were driven by the strength of our new data center appliances and next generation threat prevention software blades," said Gil Shwed, founder, chairman and chief executive officer of Check Point Software Technologies.

Financial Highlights for the Fourth Quarter of 2013

  • Total Revenues: $387.1 million, an increase of 5 percent, compared to $368.6 million in the fourth quarter of 2012.
  • GAAP Operating Income: $214.1 million, an increase of 2 percent, compared to $210.5 million in the fourth quarter of 2012.
  • Non-GAAP Operating Income: $227.3 million, an increase of 2 percent, compared to $222.9 million in the fourth quarter of 2012. Non-GAAP operating margin was 59 percent, compared to 60 percent in the fourth quarter of 2012.
  • GAAP Net Income and Earnings per Diluted Share: GAAP net income was $194.1 million, an increase of 12 percent, compared to $174.0 million in the fourth quarter of 2012. GAAP earnings per diluted share were $0.99, an increase of 16 percent, compared to $0.85 in the fourth quarter of 2012.
  • Non-GAAP Net Income and Earnings per Diluted Share: Non-GAAP net income was $192.0 million, an increase of 4 percent, compared to $185.1 million in the fourth quarter of 2012. Non-GAAP earnings per diluted share were $0.98, an increase of 8 percent, compared to $0.91 in the fourth quarter of 2012.
  • Deferred Revenues: As of December 31, 2013, Check Point had deferred revenues of $671.6 million, an increase of 14 percent, compared to $589.7 million as of December 31, 2012 and 19 percent up from $566.8 million as of September 30, 2013.
  • Tax settlement: During the quarter, Check Point entered into a settlement agreement with the Israeli Tax Authority with respect to the release of profits generated by the Check Point under the Israeli Law for the Encouragement of Capital Investments and the settlement of all disputes with the ITA with respect to prior tax years. The settlement was paid in two payments during the fourth quarter of 2013 and the first quarter of 2014.
  • Cash Flow: Cash flow from operations was $58.2 million. Net of the tax settlement payment made to the Israeli Tax authorities during the quarter, cash flow from operations increased by 13 percent to $228.1 million compared to $202.4 million in the fourth quarter of 2012.
  • Share Repurchase Program: During the fourth quarter of 2013, the company repurchased 2.3 million shares at a total cost of $135.1 million.
  • Cash Balances and Marketable Securities: $3,629.9 million as of December 31, 2013, an increase of $334.5 million, compared to $3,295.4 million as of December 31, 2012.

Financial Highlights for the Year Ended December 31, 2013

  • Total Revenues: $1,394.1 million, an increase of 4 percent, compared to $1,342.7 million in 2012.
  • GAAP Operating Income: $760.9 million, an increase of 2 percent, compared to $746.5 in 2012.
  • Non-GAAP Operating Income: $815.0 million, an increase of 2 percent, compared to $798.9 million in 2012. Non-GAAP operating margin was 58 percent, compared to 59 percent in 2012.
  • GAAP Net Income and Earnings per Diluted Share: GAAP net income was $652.8 million, an increase of 5 percent, compared to $620.0 million in 2012. GAAP earnings per diluted share were $3.27, an increase of 10 percent, compared to $2.96 in 2012.
  • Non-GAAP Net Income and Earnings per Diluted Share: Non-GAAP net income was $685.2 million, an increase of 3 percent, compared to $667.9 million in 2012. Non-GAAP earnings per diluted share were $3.43, an increase of 8 percent, compared to $3.19 in 2012.
  • Cash Flow: Cash flow from operations was $789.9 million. Net of the tax settlement payment and the tax refund for prior years executed with the Israeli Tax authorities in 2013, our cash flow from operations increased to $862.1, an increase of 6 percent, compared to $815.8 million in 2012.
  • Share Repurchase Program: In 2013 we repurchased 10.1 million shares in an aggregate amount of $538 million which represented an average repurchase per quarter of $135 million.. Today, the company announced in a separate press release that its board of directors has authorized an extension and expansion to the company's on-going share repurchase program. Under the updated plan, effective immediately, Check Point is authorized to repurchase up to $200 million of its outstanding shares each quarter up to an aggregate of $1.0 billion.

For information regarding the non-GAAP financial measures discussed in this release, please see "Use of Non-GAAP Financial Information" and "Reconciliation of GAAP to Non-GAAP Financial Information."

Business Highlights:

In 2013, Check Point introduced new and innovative security solutions to protect organizations of all sizes and complexity including:

Software Version R77 - Check Point announced the latest release for its award-winning Software Blade Architecture. This version includes more than 50 product enhancements including the new ThreatCloud Emulation Service, Check Point HyperSpect™ performance enhancing technology, and Check Point Compliance Software Blade, amongst others.

Threat Emulation Software Blade - An innovative solution that prevents infections from new exploits, undiscovered threats, and targeted attacks. Check Point Threat Emulation inspects suspicious documents and emulates how they run in a virtual environment to discover malicious behavior and to prevent malware from entering the network.

Compliance Software Blade - The industry's first integrated compliance solution to leverage an extensive knowledgebase of regulatory requirements and IT security best practices, while providing a real-time view of compliance. Check Point's Compliance Software Blade ensures that security policies are aligned with global regulations and validates that appropriate security levels are maintained -- shortening audit times, improving security, and reducing costs for businesses.

New Data Center Appliances:

13500 Appliance - Check Point launched the 13500 Appliance, the first in a new line of 13000 Appliances designed specifically to expand the company's data center network security offerings. The 13500 Appliance leverages Check Point HyperSpect™, which maximizes hardware utilization, and delivers up to 77 Gbps of firewall throughput, 7 Gbps of IPS throughput and 3,200 SecurityPower™ unit (SPU) rating.

21700 Appliance - The 21700 Appliance provides market leading security and the fastest performance in a compact 2U chassis, protecting large enterprises and data centers with Check Point's award-winning Software Blade Architecture. It offers exceptional security performance with up to 110 Gbps of firewall throughput, 8 Gbps of IPS throughput, and a 3,551 SecurityPower™ unit (SPU) rating. The 21700 is the third model in the 21000 series and increases the top performance by approximately 50 percent since the launch.

New Enterprise-Class Security in a Desktop Package: 600 Series and 1100 Series Appliances

600 Series Appliances - Designed to address the security needs of small businesses with less than 100 employees. The 600 Series delivers the full Check Point Software Blade architecture (Next Generation Firewall, IPS, Threat Prevention, etc.) with an extremely easy to use Web user interface and features performance up to 1.5Gbps, at prices ranging from $399-$1,200. The 640 Appliance won the Network World Clear Choice Award.

1100 Series Appliances - Targeted at enterprise remote offices and optimized for large-scale deployments of hundreds of branch offices. The 1100 Series offers customers the ability to utilize the Check Point Software Blade Architecture with centralized enterprise management capabilities and offers performance up to 1.5Gbps, at prices ranging from $599-$2,000.

ZoneAlarm 2013 Security Products - The new 2013 products, which are Windows 8 compatible, are the first to integrate a Facebook Privacy Scan and Do Not Track technologies. ZoneAlarm products also offer improved performance and security through advanced antivirus and firewall capabilities.

Extension to Blue Coat Partnership on X-Series platform - Check Point and Blue Coat announced an extension of the two companies' successful, longstanding partnership where Check Point became the primary provider for the X-Series platform in the network security firewall market. Check Point now delivers frontline support for the product, making it easier for customers to benefit from an integrated, scalable approach to their network security.

Industry Accolades and Partnerships:

Top Position in Worldwide Combined Firewall and UTM Appliance Market - Check Point is positioned as the number one vendor in worldwide combined Firewall and UTM appliance revenue for Q1, Q2 and Q3 2013 according to the IDC Worldwide Security Appliance Tracker.

Number One in Worldwide Firewall Equipment Market Share - Check Point led worldwide market share for Firewall Equipment according to the Gartner Market Share: Enterprise Network Equipment by Market Segment, Worldwide, 2Q13 report.

Leader in Gartner's Magic Quadrant for Enterprise Network Firewall - Check Point is positioned as a Leader in Gartner's Magic Quadrant for Enterprise Network Firewall. The company has been in the Leader's quadrant for 16 consecutive years.

Leader in Gartner's Magic Quadrant for Unified Threat Management - Check Point is positioned as a Leader in Gartner's Magic Quadrant for Unified Threat Management (UTM). The company has been in the Leaders quadrant for three consecutive years.

Leader in Gartner's Magic Quadrant for Mobile Data Protection - Check Point is positioned as a Leader in Gartner's Magic Quadrant for Mobile Data Protection (MDP). The company has been in the Leaders quadrant for seven consecutive years.

Check Point's Next Generation Secure Web Gateway Outperforms Competition - Check Point underwent Miercom's rigorous hands-on evaluation alongside two competing products and achieved the highest scores outperforming the competition in all elements of testing including web control such as URL classification and coverage, blocking URLs from undesirable and potentially malicious categories, and application control.

Shwed concluded, "We finished 2013 on a strong note, underscoring the strength of our advanced technologies and highlighting the success of our software blades and data center appliances. In 2014, we look forward to delivering further innovation and increased levels of security to our customers."

First Quarter Investor Conference Participation Schedule:

  • Oppenheimer 4th Annual Research Summit
    February 5, 2014 -London, UK
  • Stifel Nicolaus Technology & Telecommunications Conference
    February 10, 2014 - San Francisco, CA
  • Goldman Sachs Technology & Internet Conference
    February 13, 2014 - San Francisco, CA
  • Raymond James 33rd Annual Institutional Investor Conference
    March 3, 2014 - Orlando, FL
  • Morgan Stanley Global Technology, Media and Telecommunications Conference
    March 5, 2014 - San Francisco, CA

Members of Check Point's management team will 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 January 28, 2014 at 8:30 AM ET/5:30 AM PST. 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 February 4, 2014 on the company's website or by telephone at +1.201.612.7415, replay ID number 13574664.

About Check Point Software Technologies Ltd.
Check Point Software Technologies Ltd. (www.checkpoint.com), the worldwide leader in securing the Internet, provides customers with uncompromised protection against all types of threats, reduces security complexity and lowers total cost of ownership. Check Point first pioneered the industry with FireWall-1 and its patented stateful inspection technology. Today, Check Point continues to develop new innovations based on the Software Blade Architecture, providing customers with flexible and simple solutions that can be fully customized to meet the exact security needs of any organization. Check Point is the only vendor to go beyond technology and define security as a business process. Check Point 3D Security uniquely combines policy, people and enforcement for greater protection of information assets and helps organizations implement a blueprint for security that aligns with business needs. Customers include tens of thousands of organizations of all sizes, including all Fortune and Global 100 companies. Check Point's award-winning ZoneAlarm solutions protect millions of consumers from hackers, spyware and identity theft.
©2014 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 our expectations that, in 2014, we expect further innovation and increased levels of security to our customers. 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 filed with the Securities and Exchange Commission on March 19, 2013. 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, operating margin and earnings per share, which are adjustments from results based on GAAP to exclude stock-based compensation charges, amortization of acquired intangible assets, and the related tax affects as well as the impact of tax settlement for prior years. 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.




                   CHECK POINT SOFTWARE TECHNOLOGIES LTD.
                       CONSOLIDATED STATEMENT OF INCOME

                   (In thousands, except per share amounts)

                                Three Months Ended          Year Ended
                             ----------------------- -----------------------
                                   December 31,            December 31,
                             ----------------------- -----------------------
                                 2013        2012        2013        2012
                             ----------- ----------- ----------- -----------
                             (unaudited) (unaudited) (unaudited)  (audited)
Revenues:
  Products and licenses      $   156,203 $   150,907 $   504,576 $   505,280
  Software updates,
   maintenance and               230,872     217,667     889,529     837,415
   subscription
                             ----------- ----------- ----------- -----------
Total revenues                   387,075     368,574   1,394,105   1,342,695
                             ----------- ----------- ----------- -----------

Operating expenses:
  Cost of products and            27,370      26,216      88,862      87,097
   licenses
  Cost of software updates,
   maintenance and                18,765      17,918      73,160      68,082
   subscription
  Amortization of technology          60         294         612       3,982
                             ----------- ----------- ----------- -----------
Total cost of revenues            46,195      44,428     162,634     159,161

  Research and development        33,047      29,290     121,764     111,911
  Selling and marketing           74,974      65,930     276,067     255,345
  General and administrative      18,740      18,455      72,735      69,743
                             ----------- ----------- ----------- -----------
Total operating expenses         172,956     158,103     633,200     596,160
                             ----------- ----------- ----------- -----------

Operating income                 214,119     210,471     760,905     746,535
Financial income, net              9,383       9,644      34,931      40,332
                             ----------- ----------- ----------- -----------
Income before taxes on           223,502     220,115     795,836     786,867
 income
Taxes on income                   29,372      46,129     143,036     166,867
                             ----------- ----------- ----------- -----------
Net income                   $   194,130 $   173,986 $   652,800 $   620,000
                             =========== =========== =========== ===========

Earnings per share (basic)   $      1.01 $      0.87 $      3.40 $      3.04
                             =========== =========== =========== ===========
Number of shares used in
 computing earnings per
 share (basic)                   192,263     200,230     192,263     203,918
                             =========== =========== =========== ===========


Earnings per share (diluted) $      0.99 $      0.85 $      3.27 $      2.96
                             =========== =========== =========== ===========
Number of shares used in
 computing earnings per
 share (diluted)                 196,837     204,258     199,487     209,170
                             =========== =========== =========== ===========



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

                   (In thousands, except per share amounts)

                            Three Months Ended            Year Ended
                         ------------------------  ------------------------
                               December 31,              December 31,
                             2013         2012         2013         2012
                         -----------  -----------  -----------  -----------
                         (unaudited)  (unaudited)  (unaudited)  (unaudited)

GAAP operating income    $   214,119  $   210,471  $   760,905  $   746,535
Stock-based compensation
 (1)                          12,548       11,552       51,112       45,287
Amortization of
 intangible assets (2)           610          922        3,020        7,028
                         -----------  -----------  -----------  -----------
Non-GAAP operating
 income                  $   227,277  $   222,945  $   815,037  $   798,850
                         ===========  ===========  ===========  ===========

GAAP net income          $   194,130  $   173,986  $   652,800  $   620,000
Stock-based compensation
 (1)                          12,548       11,552       51,112       45,287
Amortization of
 intangible assets (2)           610          922        3,020        7,028
Taxes (3)                    (15,305)      (1,359)     (21,731)      (4,372)
                         -----------  -----------  -----------  -----------
Non-GAAP net income      $   191,983  $   185,101  $   685,201  $   667,943
                         ===========  ===========  ===========  ===========

GAAP Earnings per share
 (diluted)               $      0.99  $      0.85  $      3.27  $      2.96
Stock-based compensation
 (1)                            0.06         0.06         0.26         0.22
Amortization of
 intangible assets (2)             -         0.01         0.02         0.03
Taxes on the above items
 (3)                           (0.07)       (0.01)       (0.12)       (0.02)
                         -----------  -----------  -----------  -----------
Non-GAAP Earnings per
 share (diluted)         $      0.98  $      0.91  $      3.43  $      3.19
                         ===========  ===========  ===========  ===========

Number of shares used in
 computing Non-GAAP
 earnings per share
 (diluted)                   196,837      204,258      199,487      209,170
                         ===========  ===========  ===========  ===========

(1) Stock-based
 compensation:
  Cost of products and
   licenses              $        17  $        18  $        77  $        68
  Cost of software
   updates, maintenance
   and subscriptions             257          222          971          761
  Research and
   development                 2,104        2,090        9,001        8,594
  Selling and marketing        2,420        2,404       11,193        9,677
  General and
   administrative              7,750        6,818       29,870       26,187
                         -----------  -----------  -----------  -----------
                         $    12,548  $    11,552  $    51,112  $    45,287
                         -----------  -----------  -----------  -----------

(2) Amortization of
 intangible assets:
  Amortization of
   technology- cost of
   revenues              $        60  $       294  $       612  $     3,982
  Selling and marketing  $       550          628  $     2,408        3,046
                         -----------  -----------  -----------  -----------
                         $       610  $       922  $     3,020  $     7,028
                         -----------  -----------  -----------  -----------

(3) Taxes:
  Taxes on Stock-based
   compensation and
   Amortization of
   intangible assets     $      (551) $    (1,359) $    (6,977) $    (4,372)
  Taxes attributed to
   tax settlement        $   (14,754)           -      (14,754)           -
                         -----------  -----------  -----------  -----------
                         $   (15,305) $    (1,359) $   (21,731) $    (4,372)
                         -----------  -----------  -----------  -----------

Total, net               $    (2,147) $    11,115  $    32,401  $    47,943
                         ===========  ===========  ===========  ===========



                   CHECK POINT SOFTWARE TECHNOLOGIES LTD.
                 CONDENSED CONSOLIDATED BALANCE SHEET DATA

                               (In thousands)

                                   ASSETS
                                               December 31,  December 31,
                                                   2013           2012
                                              -------------  --------------
                                               (unaudited)      (audited)
Current assets:
Cash and cash equivalents                     $     408,432  $      574,802
Marketable securities and short-term deposits       758,382         928,535
Trade receivables, net                              379,648         373,755
Prepaid expenses and other current assets            53,856          46,699
                                              -------------  --------------
Total current assets                              1,600,318       1,923,791
                                              -------------  --------------

Long-term assets:
Marketable securities                             2,463,110       1,792,027
Property and equipment, net                          37,991          36,973
Severance pay fund                                    6,488           6,038
Deferred tax asset, net                              13,557          19,173
Other intangible assets, net                         16,191          19,211
Goodwill                                            727,875         727,875
Other assets                                         20,907          19,797
                                              -------------  --------------
Total long-term assets                            3,286,119       2,621,094
                                              -------------  --------------

Total assets                                  $   4,886,437  $    4,544,885
                                              =============  ==============

                              LIABILITIES AND
                            SHAREHOLDERS' EQUITY

Current liabilities:
Deferred revenues                             $     590,752  $      524,627
Trade payables and other accrued liabilities        396,102         338,021
                                              -------------  --------------
Total current liabilities                           986,854         862,648
                                              -------------  --------------

Long-term deferred revenues                          80,871          65,063
Income tax accrual                                  205,420         259,547
Deferred tax liability, net                             308           1,039
Accrued severance pay                                10,887          10,279
                                              -------------  --------------
                                                    297,486         335,928
                                              -------------  --------------

                                              -------------  --------------
Total liabilities                                 1,284,340       1,198,576
                                              -------------  --------------

Shareholders' equity:
Share capital                                           774             774
Additional paid-in capital                          774,917         693,212
Treasury shares at cost                          (2,421,278)     (1,955,328)
Accumulated other comprehensive income                1,839          14,606
Retained earnings                                 5,245,845       4,593,045
                                              -------------  --------------
Total shareholders' equity                        3,602,097       3,346,309
                                              -------------  --------------
Total liabilities and shareholders' equity    $   4,886,437  $    4,544,885
                                              =============  ==============
Total cash and cash equivalents, marketable
 securities and short-term deposits           $   3,629,924  $    3,295,364
                                              =============  ==============



                   CHECK POINT SOFTWARE TECHNOLOGIES LTD.
                    SELECTED CONSOLIDATED CASH FLOW DATA

                               (In thousands)

                           Three Months Ended             Year Ended
                       -------------------------  -------------------------
                              December 31,               December 31,
                           2013          2012         2013         2012
                       ------------  -----------  -----------  ------------
                        (unaudited)  (unaudited)  (unaudited)   (unaudited)
Cash flow from
 operating activities:

Net income             $    194,130  $   173,986  $   652,800  $    620,000
Adjustments to
 reconcile net income
 to net cash provided
 by operating
 activities:
Depreciation of
 property and
 equipment                    2,243        1,851        8,545         7,861
Amortization of
 intangible assets              610          922        3,020         7,028
Stock-based
 compensation                12,548       11,552       51,112        45,287
Increase in trade and
 other receivables,
 net                       (119,553)    (126,966)      (6,707)      (11,746)
Realized gain on
 marketable securities          (83)        (943)      (1,383)       (1,436)
Increase (decrease) in
 deferred revenues,
 trade payables and
 other accrued
 liabilities                (14,791)     157,384      117,756       161,344
Excess tax benefit
 from stock-based
 compensation               (26,164)      (9,510)     (35,345)      (11,129)
Deferred income taxes,
 net                          9,307       (5,828)          28        (1,453)
                       ------------  -----------  -----------  ------------
Net cash provided by
 operating activities        58,247      202,448      789,826       815,756
                       ------------  -----------  -----------  ------------

Cash flow from
 investing activities:
Investment in property
 and equipment               (2,178)      (3,319)      (9,563)       (8,195)
                       ------------  -----------  -----------  ------------
Net cash used in
 investing activities        (2,178)      (3,319)      (9,563)       (8,195)
                       ------------  -----------  -----------  ------------

Cash flow from
 financing activities:
Proceeds from issuance
 of shares upon
 exercise of options         15,667        5,551       67,127        61,011
Purchase of treasury
 shares                    (131,485)    (160,106)    (534,196)     (466,164)
Excess tax benefit
 from stock-based
 compensation                26,164        9,510       35,345        11,129
                       ------------  -----------  -----------  ------------
Net cash used in
 financing activities       (89,654)    (145,045)    (431,724)     (394,024)
                       ------------  -----------  -----------  ------------

Unrealized gain (loss)
 on marketable
 securities, net               (780)      (5,504)     (13,979)        2,422
                       ------------  -----------  -----------  ------------

Increase (decrease) in
 cash and cash
 equivalents,
 marketable securities
 and short-term
 deposits                   (34,365)      48,580      334,560       415,959

Cash and cash
 equivalents,
 marketable securities
 and short-term
 deposits at the
 beginning of the
 period                   3,664,289    3,246,784    3,295,364     2,879,405
                       ------------  -----------  -----------  ------------

Cash and cash
 equivalents,
 marketable securities
 and short-term
 deposits at the end
 of the period           $3,629,924  $ 3,295,364  $ 3,629,924    $3,295,364
                       ============  ===========  ===========  ============



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The recent trends like cloud computing, social, mobile and Internet of Things are forcing enterprises to modernize in order to compete in the competitive globalized markets. However, enterprises are approaching newer technologies with a more silo-ed way, gaining only sub optimal benefits. The Modern Enterprise model is presented as a newer way to think of enterprise IT, which takes a more holistic approach to embracing modern technologies.
For better or worse, DevOps has gone mainstream. All doubt was removed when IBM and HP threw up their respective DevOps microsites. Where are we on the hype cycle? It's hard to say for sure but there's a feeling we're heading for the "Peak of Inflated Expectations." What does this mean for the enterprise? Should they avoid DevOps? Definitely not. Should they be cautious though? Absolutely. The truth is that DevOps and the enterprise are at best strange bedfellows. The movement has its roots in t...
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impac...
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. 8th International Big Data Expo, co-located with 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. As advanced data storage, access and analytics technologies aimed at handling high-volume and/or fast moving data all move center stage, aided by the cloud computing bo...
Every day we read jaw-dropping stats on the explosion of data. We allocate significant resources to harness and better understand it. We build businesses around it. But we’ve only just begun. For big payoffs in Big Data, CIOs are turning to cognitive computing. Cognitive computing’s ability to securely extract insights, understand natural language, and get smarter each time it’s used is the next, logical step for Big Data.
There's no doubt that the Internet of Things is driving the next wave of innovation. Google has spent billions over the past few months vacuuming up companies that specialize in smart appliances and machine learning. Already, Philips light bulbs, Audi automobiles, and Samsung washers and dryers can communicate with and be controlled from mobile devices. To take advantage of the opportunities the Internet of Things brings to your business, you'll want to start preparing now.
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Enterprises are fast realizing the importance of integrating SaaS/Cloud applications, API and on-premises data and processes, to unleash hidden value. This webinar explores how managers can use a Microservice-centric approach to aggressively tackle the unexpected new integration challenges posed by proliferation of cloud, mobile, social and big data projects. Industry analyst and SOA expert Jason Bloomberg will strip away the hype from microservices, and clearly identify their advantages and d...
In a world of ever-accelerating business cycles and fast-changing client expectations, the cloud increasingly serves as a growth engine and a path to new business models. Dynamic clouds enable businesses to continuously reinvent themselves, adapting their business processes, their service and software delivery and their operations to achieve speed-to-market and quick response to customer feedback. As the cloud evolves, the industry has multiple competing cloud technologies, offering on-premises ...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the...
Over the years, a variety of methodologies have emerged in order to overcome the challenges related to project constraints. The successful use of each methodology seems highly context-dependent. However, communication seems to be the common denominator of the many challenges that project management methodologies intend to resolve. In this respect, Information and Communication Technologies (ICTs) can be viewed as powerful tools for managing projects. Few research papers have focused on the way...