Check Point Software Technology (NASDAQ: CHKP) reported Q3 EPS of $1.64, $0.11 better than the analyst estimate of $1.53. Revenue for the quarter came in at $509 million versus the consensus estimate of $504.06 million.

Financial Highlights for the Third Quarter of 2020:

• Total Revenue: $509 million compared to $491 million in the third quarter of 2019, a 4 percent increase year over year.
• GAAP Operating Income: $231 million compared to $214 million in the third quarter of 2019, representing 45 percent and 44 percent of revenues in the third quarter of 2020 and 2019, respectively.
• Non-GAAP Operating Income: $265 million compared to $246 million in the third quarter of 2019, representing 52 percent and 50 percent of revenues in the third quarter of 2020 and 2019, respectively.
• GAAP Taxes on Income: $45 million compared to $47 million in the third quarter of 2019.
• GAAP Net Income: GAAP net income was $201 million compared to $188 million in the third quarter of 2019.
• Non-GAAP Net Income: Non-GAAP net income was $231 million compared to $217 million in the third quarter of 2019.
• GAAP Earnings per Diluted share: $1.42 compared to $1.25 in the third quarter of 2019, a 14 percent increase year over year.
• Non-GAAP Earnings per Diluted share: $1.64 compared to $1.44 in the third quarter of 2019, a 14 percent increase year over year.
• Deferred Revenues: As of September 30, 2020, deferred revenues were $1,302 million compared to $1,242 million as of September 30, 2019, a 5 percent increase year over year.
• Cash Balances, Marketable Securities & Short Term Deposits: $3,896 million as of September 30, 2020, compared to $4,055 million as of September 30, 2019. During this twelve months ended September 30, 2020, we generated net cash of $1,141 million and repurchased shares in the amount of $1,300 million.
• Cash Flow: Cash flow from operations of $248 million compared to $244 million in the third quarter of 2019.
• Share Repurchase Program: During the third quarter of 2020, the company repurchased approximately 2.7 million shares at a total cost of approximately $325 million.

“We executed well in the third quarter and delivered another successful virtual quarter. Revenues grew in all key areas with security subscriptions growing by 10 % and EPS grew by 14 % year over year. We saw expanded customer adoption of Quantum Network Gateways, CloudGuard, Infinity Total Protection and Beyond the Perimeter (BTP) – endpoint and mobile security solutions,” said Gil Shwed, Founder and CEO of Check Point Software Technologies. “We expanded our Secure Access Service Edge (SASE) offering during the quarter with the acquisition of Odo Security, a new cloud-based technology that delivers the next generation of secure remote access to enterprises. I would like to thank our customers, partners and employees for their commitment and contributions during these times.”

For earnings history and earnings-related data on Check Point Software Technology (CHKP) click here.