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Check Point Software Technologies, Ltd. (NASDAQ:CHKP)

Deutsche Bank dbAccess 2012 Technology Conference

September 11, 2012, 19:00 p.m. ET

Executives

Kip Meintzer - IR

Analysts

Tom Ernst - Deutsche Bank

Tom Ernst - Deutsche Bank

Welcome back. Excited we are hosting Check Point Software, for next session I have Kip Meintzer, Kip is the Global Head of Investor Relations for Check Point. Welcome. Sorry I gave Kip a few options or things to start with. Do you want to start with the Safe Harbor?

Kip Meintzer

Safe Harbor statement. Obviously during the course of the conversation there maybe some forward-looking statements made, this is subject to risks and uncertainties that obviously beyond our control. We also take no duty to update any of those risks or any of the forward-looking statements we make during the course of the presentation or the discussion and on top of that I believe it's covered by the Securities and Exchange Act of 1934. So, with that I'll throw it back to Tom and we can go from there.

Tom Ernst - Deutsche Bank

You haven't been asking everybody this question, but let me insert the macro question for you given that you have roughly 40% exposure, how is Check Point prepared itself and hence a weaker European market and do you feel like expectations have set low enough that sort of thing with that kind of European exposure?

Kip Meintzer

Well. I don't want to comment on guidance or anything on that line. Obviously we widened it for the third quarter; it's been no secret that Europe has been weak for everybody in some way or another we talked about weakness in Europe in some form or another over the last 12 quarters. So, from that standpoint I don't know if it's going to get worse, don't know if it's going to get better. I think that all remains to be the same. But we will know when we got left two weeks less than the quarter. So, once we get to the end of the quarter we will find out.

Tom Ernst - Deutsche Bank

Anything tactically that Check Point is doing to try to help in the weak market there?

Kip Meintzer

I don't think there is much from a tactical standpoint. I think what you have seen is due to-date we have delivered new appliances, we are very competitive in the market, we are the best price for performance as far as the products we have, which completely refresh our line of appliances and introduced Gaya our new operating system alone with GAiA with R75.40. We have introduced several new blades including the Anti-Bot blade. So, all of these things I think give us a lot more in our (inaudible) delivered to customers but I think it's still, we are going to see what time pans out for that.

Tom Ernst - Deutsche Bank

Let's shift gear to the competitive discussion, I know this has been all the questions you have been building last few months, but now that you have watched a few more months of market development, how strongly is Check Point positioned to some really high growth new business models, you have got Fortinet on the one end you have got Palo Alto Networks with what they position is the re-architecture of the firewall. What is the momentum bench for Check Point and how do you see it playing out for next couple of years?

Kip Meintzer

So, I guess what I look at is we play against these certain players in the marketplace now because over the course of the last several years with the introduction of our software blade architecture and also appliances in 2007, we have actually expanded the market that we address. If you go back to 2007 we had some aspect of our appliances at the beginning were more of UTM variety, had multiple functions. With the introduction of the software blade architecture in 2009 we expanded our presence in the market even wider than it was before and in beginning of 2011 we delivered our Application Control Blade in addition we continue to add even more blade the one on line are our Mobility Blade which we think has some very large potential in the future possibly as we all know that is very large market and there isn't really an economical or really secure solution out there we believe to address the market need for these bring your own device type network, bring your own device to work type of deployment.

So, from that standpoint what we have done is we have increased that breadth of the market we address and we have done so we have begun to run into new competitors. And some of those new competitors you see in the marketplace today company such as Fortinet who play more at the mid end of the market but have been trying to make their way up to the higher end of the market and they do very well and I believe in MSP and such. But there is a very different from the product that we deliver and what they deliver today. As there is against most of our competitors. So, we are looking at an aggregate and one of the great things that we get is how come we are not growing as fast. And I think that’s quite obvious, we are larger number and we are playing in those areas and in those areas e are growing quite fast. If you look at what we have delivered today as far as the amounts of blades, I believe we grew year-over-year by about 100% in our bookings because we did 10% of revenue for last year, we are attributed to blades. And this year at beginning of the year at the end of Q4 we had a run rate of over $200 million.

And so we have a very, very nice growth trajectory but it's still a small part of our business where that is their whole business the smaller niche companies. So, it doesn’t mean they are going to go out of business, doesn't mean we are going to go out of business. It's plenty of market out there, it's just you have to look at the market for what it is at the high end of the market you have a lot of folks that are gadget guys, they have the budget, they have the man power and they are going to deploy best of breed point solutions. How it's been to-date doesn't mean they are always be that way, but it is certainly is today. There is an aspect where they are using more and more consolidated product at that higher level too, they never have too much security, but as you start ticking down from those high shall we say, high money type of budget, you start to see people where consolidation is a primary factor. And that’s where you see less the amounts of the niche players. And that’s where you will probably see the more robust growth for our self.

Tom Ernst - Deutsche Bank

So, maybe put it in another way and come back to a key part of the question. You are competing more on the full suite of blades for core firewall technology, would you say that your win rates have been stable relatively stable?

Kip Meintzer

I don't think the market has looked at as just plain firewall any longer. I don't think that exist. If you look at how the markets evolved plain firewall hasn't been sold for quite some time. I mean when you buy our products today bundled in there are our IPS and App Control and every product. So, I don't know if there is anybody that goes straight out to just buy a straight firewall, I think that’s a misconception in the marketplace that people think all we do is sell firewall. I mean I think that’s a lot of marketing mumble jumble as you would say in the marketplace because the reality is if you look at every box we sell, the minimum amount of technology we sell besides the firewall are two blades App Control and IPS, and when you go downstream in our boxes to the lower level boxes like the 12000 series and below, you have as many as 7 to 10 blades. So, it's really a multi function box the firewall plus. It's up to the customers to decide what they are going to use. And that’s what we are delivering; we are delivering that choice aspect to customers. So, I don't think core firewall in that standpoint but we do have a large install base of core firewall, but as they refresh those boxes they are taking on more than firewall. And so I don't see it as a core firewall market as that would be defining it in that way.

Tom Ernst - Deutsche Bank

So, then the competitive contention that it really takes a next generation integrated platform of firewall plus advanced capabilities, you got the integrated blades strategy. Do you see a competitive challenge there or do you think that your blade strategy is fully competitive or even advantaged?

Kip Meintzer

If you look at the third party and the valuations out there, I think they are very quick to point out that there are certain aspects of the market where as I pointed out earlier that people want a standalone solution, but in the vast majority of the market an integrated product where you are getting choice is definitely a prominent factor. The other factor is they are looking for best of breed and when you look across our platform each one of the technologies we deliver is best of breed. If you look at our IPS, the latest NSS labs report where write up there was Sourcefire in each one of the categories as far as protection and you will see many of the other players that you have been alluding to come way, way down the scale. In fact they are in the low 90s and 80s in effectiveness and if you look at it from a market standpoint that’s pretty much not acceptable. But if you look across the board you look at our application control seen as best in breed. And you look at our URL filtering you look at our Anti-Bot product across the board some of the step with OEM, its best in breed that with OEMs by definition. So, there is nobody else in the marketplace that can point to that.

Tom Ernst - Deutsche Bank

So, you have alluded to a lot of this already, but I think there is still some confusion in the market, blade strategy (inaudible) couple of questions, how many blades you have in the overall suite, what are annuity what are product blades and how many do you have in these?

Kip Meintzer

So, 20 blades in total, and I believe it's 7 of those to-date are annuity blades. So, the annuity blades are IPS, APP Control, AV, Anti-Spam, URL Filtering, Anti-Bot and DLP I believe are the annuity blades.

Tom Ernst - Deutsche Bank

And what’s the difference between an annuity and the product blade?

Kip Meintzer

An annuity blade is something that require regular update, something that is I refer to as a live blade, something that is consistently being updated so the latest and greatest. Where a product blade is something that can receive constant updates or updates every once in a while, but they more or less come with a product update point updates. And so they are not something that is live as it would be in that manner. So, that’s the difference between the two. We also have additional blades as far as management blades and endpoint blades. I think our total amount of blades we have is actually over 30 blades in total, but the one specific to network security that are non-management are about 20 I believe.

Tom Ernst - Deutsche Bank

Okay. And what’s your penetration in another words your average shipment has how many blades your average customer?

Kip Meintzer

Well, it depends on the level of the boxes going in at the higher level boxes you are seeing two blades the two the application control and the IPS are bundled. As you go downstream you have 5 to 7 where you can see almost all of those blades are bundled in the lower more of the UTM device. As far as penetration we have about 50% plus or minus of our install base that is actually capable of using blades today where it's been deployed, where they have actually deployed our software blade architecture. This is something that you should see change to more of a higher percentage over the next couple of years. The user takes three to five years for that transition to take place. So, from there I'd say on average I think what we have been saying is an average customer has between two and three blades.

Tom Ernst - Deutsche Bank

So, is there a difference between the types of customers that are going to buy the appliance versus the blade and what are the economic differences for you?

Kip Meintzer

The person that buys an appliance is also going to have blade.

Tom Ernst - Deutsche Bank

Standalone appliance.

Kip Meintzer

You mean a standalone solution. We have to remember it's going to be even within an install base where you have Check Point deployed, not every box is going to have a blade on it. In other words you are not going to deploy any internal workings of your organization, I mean you are just trying to prevent people from going from the financed organization into the development organization or into the HR organization; you don't necessarily need any technology except for firewall. So, you are not always in every box going to have a blade. At the perimeter you are going to see more use of blades than you are in the internal side. So, there is going to be areas where you are not going to have that necessity. So, penetration just depends on how you are looking at, especially when you look at the high end of the market when we talked about folks that are looking for perfect solutions that can lead what they are doing. They are going to select best of breed in every category and in some cases there may be a place where they are going to deploy our firewall and VPN and maybe not deploy any other technology. I'd say they would tend to because of the nominal value associated with taking on that additional technology, they will probably still do that but I don't want to say that’s the case in every instance.

Tom Ernst - Deutsche Bank

How do the economics differ for you for selling an appliance bundled with blades versus historical standpoint?

Kip Meintzer

Well, first year's it's incorporated there, so we have actually incorporated the price of the blade into the purchase price. We allocate the associated amount with those blades into the deferred and they gets recognized over the year. If somebody buys at Ā La Carte it's obviously upfront. Year or two the conversion when you go from where we have given it and they renew it, you end up with getting the [full pass]. So, whatever that their invoice or if they chose to use those blades then we would get remuneration which gets put into deferred and recognized throughout the year.

Tom Ernst - Deutsche Bank

So, this is confusing, so lot of investors will, cause your conversion rates have historically been relative low, but they have been ramping, where have they come from, where are they going to what do y expect to see. And then why (inaudible).

Kip Meintzer

I don't remember where we started, I can tell you where we are today on the first year renewal after the bundle it's between 40 and 50%. And on the Ā La Carte where somebody is buying for just outright or buying after that first year, so the second year of renewal. It's in the 60 to 70% range, what we did see it creep up to more of that mid range in the last quarter, I think Tal alluded to in one of the presentation on the call. So, we actually thought it would be a much lower rate because if you think about it when you bundle something, somebody who is getting it doesn't necessarily want it and so from that standpoint if you looked at it as a direct mail type of instance you would expect to see something in the 10 to 15% rate. So, we think that attach rate has been very good. And given the amount of our install base that is actually capable of using blades, I think that’s even a nicer view of it, it will be interesting to see how it progresses once we get above 50% of our install base capable of using blades.

Tom Ernst - Deutsche Bank

So, back in October you launched a new range of appliances and one of the reasons was the [exit] capacity that require for blade. Have you seen an inflection in the attach rate of blades as a result of that?

Kip Meintzer

Well, we are just getting to the year point so that would be in the fourth quarter, first quarter more of the first quarter and the fourth quarter, so it remains to be seen as far as on the attach rate. The one thing that is for sure the success of making the transition from the old appliances to the new appliance was very rapid. In the first quarter we saw 80% of the sales of our appliances were already on the new platform and that was a very quick pace we believe. So, obviously throughout the year there has also been some of the repercussions of it, we think it has to do with some of the macro environment also the fact that from an FX standpoint we have seen the dollar gain strength against the euro against the shekel also against the Rupee anywhere from 13 as much as 25%. So, that’s obviously squeezed budget and made people make a different choice then you normally would have.

So, what we saw as we saw people where we build over three kinds of pro forma so much the price of each of the boxes to say. We saw attendance in the first quarter and the second quarter, (inaudible) in the third quarter. But we saw attendance for people to buy down, in other words instead of taking three times the speed they took two times the speed, reduced the price obviously put some pressure on ASP. But at the same time what we saw over 20% increases in units in both the first quarter and the second quarter. So, what that should tell you is from a competitive standpoint there is no issue because we are actually selling more units and actually taking market share. However, the corresponding growth in revenues on the product side obviously doesn't amount to because of the pressure on the ASP. Now it remains to be seen if this is something that is a result of truly of the economic concerns and people's budget, or anything that will play out over the future. The one thing for sure is once we get to the first quarter you are looking at an apples-to-apples comparison instead of apples-to-orange comparison. And so therefore, if you are able to maintain those units growth and one would assume something else would also transpire. We are not there yet and so we will see when we get that.

Tom Ernst - Deutsche Bank

So, blending these together the model is changing, products has got much bigger more complex and the model changed a little bit. What’s the reasonable mid-term model as you think about how the company is going, how fast you want to grow versus expand margins?

Kip Meintzer

Well, our goal is never to expand margins. And I don't mean that from a standpoint of we don't like when they expand, it's just that that’s not our goal, our goal is to grow revenues. And so when we look at the model our goal is always to grow faster than the market, and the market has been growing in mid to high single-digits and you have seen in the past year's we have been growing in the double-digits. Obviously we have some things transpire and this year that its put some pressure on that aspect of it, but it still remains we have seen how it pans out. As far as the model going forward again it still we aim to grow faster than the marketplace.

Tom Ernst - Deutsche Bank

You think that transition is largely pass to this year, so you are back to?

Kip Meintzer

You saw that we widened our guidance for the third quarter and that has more I think to do with macro than anything else, because just the uncertainty that’s out there. And I think it's safe to say through the end of the year and going forward we don't know what macro looks like. But that being said we remains to be seen, we got two weeks left and we report in October we will see what happens from there. It could be good news it could be sad news right. So we will see. You have got a lot of different things happening in the world today as far as monitory policy that seems to spark your side of the IO. Yes, the buy side and sell side. Come on you guys love that flesh monetary policy market always want that. So, a change in the tax revenues, relative to this change your cash balance how you might handle it.

At the beginning of the year the tax law has changed and you have already seen us we have the buybacks to billion dollars over the next few years. That’s the direct result of the capabilities we have because of the new tax law we can take all of our net income now because of the new tax law and deploy it in any which way we want. So, we can do dividend, we can do buyback etcetera. The remaining cash that’s on our balance sheet is still subject to further taxation up to 20% if we already use it for dividend or DIM dividend. However, there is some tax laws, the tax law they are trying to work through the (inaudible) right now it has come through one pass. And I believe there is a couple of more passes there that will take before it could actually be law, but what they are trying to do is plug some holes in the Israel and from that standpoint they are trying to find creative ways to do it. And one of the ways is this tax law that passes what they are going to do is allow a certain amount of time for you to buy down your tax rate.

So, if you wanted to say we have $3 billion on our balance sheet, we wanted to take a billion are two of it, they would give a graduated scale and so the 20% for a certain short period of time you could buy down that tax rate generally pay 15% or 10%. But we still have some time to go to see if it actually becomes law. I'm not even sure we would participate in it, but that’s just some of the tax laws that are being or tax things that are being invented around out there. Nonetheless, all of our cash that we accumulate going forward can be used in whichever way we would like to.

Tom Ernst - Deutsche Bank

And how fast you think you execute against that billion repurchase the two year authorization right?

Kip Meintzer

The two year authorization that we can use the SAAS as we choose to. I'd think of more along the lines of 500 and 500 and then be surprised by however, SAAS we expedited. One thing for sure is that it's not going to be straight line. So, you shouldn't expect it, it's not that it won't be, you shouldn't expect it to be above 25 a quarter or what have you. We can be opportunistic and as Tal has said and we will be opportunistic.

Question-and-Answer Session

Unidentified Analyst

You spoke about the 200 million in rate billings for 2012?

Kip Meintzer

What we had as of fourth quarter, let's say fourth quarter we said the run rate for the year was over 200 million in bookings and believe we accentuated that in the first quarter I believe.

Unidentified Analyst

That’s for 2012 right?

Kip Meintzer

We said it continued to be at a run rate of $200 million.

Unidentified Analyst

How much of that is coming from people who are getting [WS] bundle with the appliance the first time buyers of the blades versus renewal billings of the blades?

Kip Meintzer

It's the combination of above.

Unidentified Analyst

So, how much is that?

Kip Meintzer

We don't break it out but it's the combination of both and you can see that the Ā La Carte piece or the renewal piece has been growing over that period of time. So, we don't break it out but it has been growing.

Unidentified Analyst

You launched two high end appliances recently the 21400, 61000 units. So, lead option been in the last year and what’s the relative pricing to a typical sale?

Kip Meintzer

So, the 61000 is our top of the line box our most powerful box. I think it starts out of the base price of somewhere around $200,000 somewhere in that neighborhood and escalates from there depending on how loaded you have it whether it has 12 I can't remember if that’s 12 or 14 blades in it. Just depends on how you out fit it. From there the 21000 is somewhere around the high tens of thousands to the low 100,000. They both have been doing very, very well. In particular the 61000 had a very good start. We actually didn't anticipate selling the level that we did in the fourth quarter that we alluded to on the call. And we continue to see very nice strength in it in the first and second quarter. It's something that going forward, we just came out with the virtual system software which is our old [DSX] product under a new name for deploying on the GAiA platform and that should help us hopefully moving forward to have a little more success on the Telco and the MSP environment. And so going forward we will see but to-date it's been very nice, we said it was in the tens of millions of dollars I believe in the fourth and first quarter. And I can't remember what we said for the second quarter, but it's been doing quite well.

Unidentified Analyst

Do you find the usual competition additive process for those units?

Kip Meintzer

When we first announced them, we actually expected very small sales because many people on the Telco side and MSP side would have to certify them, validate them, test them within their environment. Surprise to us is we saw quite a bit of demand come out of the enterprise environment. And so our traditional enterprise customers started buying them. And so that is where the majority of them spend their time, or we're off to in the fourth quarter, first quarter and I believe second quarter also. So, it's quite a competition. I couldn't answer to that as far as in the enterprise because it was more pull than push.

Tom Ernst - Deutsche Bank

So, back to the cash side, Check Point historically has been pretty conservative on acquiring product through M&A, but it seems like there is a number of new emerging technologies that I don't know if you will consider them peripheral or if you would consider them potentially adjacent. The vendors like recently (inaudible) for example a FireEye interesting kind of company that seems complementary. Can Check Point be more aggressive given the change in ability for use cash?

Kip Meintzer

The cash in our balance sheet we can for M&A we don't have a problem that a U.S. company has for repatriating cash. We don't have.

Tom Ernst - Deutsche Bank

So, there is no change in that right?

Kip Meintzer

No. we could acquire.

Tom Ernst - Deutsche Bank

What’s your overall philosophy now that you have embarked on the blade strategy?

Kip Meintzer

Our philosophy has not changed as far as our M&A; we are still looking for the value proposition. You buy or built is first of all and they use it has to do with the time to market. As far as the other aspects of buying there is a valuation in it. It seems like everybody in this room when it's related to security has a tendency to take that valuation up to probably the price near or above where it would be acquired. So, it makes it untenable in some cases where you the value isn't really there. As far as the private companies unfortunately those valuations transpire from the public world over to the private world. You mentioned companies like FireEye; we have our Anti-Bot laid which is in that category. Also I'm not sure our necessity to buy something in that area is there. However, we are always looking for new products and we looked at it you say (inaudible) we also look in the marketplace and you have to gauge if that going to become a real market. This is something that could be hundreds of millions or billions of dollars. And so for us we like to answer in the market that we think are going to be much larger or have that potential. And I'm not sure that is a market is an area that we would be that big eventually, it might possibly be, it might be something we might build or we might buy, but I just don't know. It's not something we have announced in that area.

Unidentified Analyst

Last year somebody asked you about (inaudible) networks as a potential target and you said it's too expensive, interest company but wait it just didn't make sense. And (inaudible) it has gotten very expensive and I agree with you it's very hard to make acquisitions work at the kind of valuations that people expect. But how do you navigate that as an M&A company as somebody as a company that doesn't or can't develop everything internally, how can you arbitrate between the unreasonable expectations that are out there for companies that are innovative, and yet the need to continue to play in new areas without doing dilutive group of deals?

Kip Meintzer

I actually think we have been very good at doing that because in the case of point that you point out, we want embark the technology as part of the acquisition of FaceTime assets. We bought the right technology, Apple I'm not sure you got the better deal, Apple bought the URL FaceTime. So, maybe we should have bought it all and so then the URL, I didn't make some extra money right? But we brought the technology that allowed us to deliver as part of our platform the technology that known as App Control. So, in that case it was substantially cheaper to deliver a product that was integrated with our own then going out and trying to buy a corporation like that. And I don't recall, but I don't think I'd have ever said we wouldn't have bought because it's too expensive, I think we would have said we would have chosen to build rather than buy is what I think I'd have alluded to. And that is the case in the marketplace. Sometimes we don't even chose to buy or build sometime we chose to OEM especially when it's a product that is what you would call in a very mature commoditized market. And so we do that around AV, Anti-Spam, URL filtering those areas, because there is just so many providers in the marketplace that you can get it at a very low price. And it doesn't make sense to own it at least not yet, it may some day, and it certainly doesn't make sense to recreate the wheel. So, I think we have been very good at it, our team is very disciplined and I think the effect of having $3 billion hasn't led anybody go wild spending their money. So, I think that really is an estimate to the quality of management team Check Point has.

Unidentified Analyst

So, (inaudible) couple of times, investors overvaluing from the smaller companies and not appreciating Check Point?

Kip Meintzer

I never said they didn't appreciate Check Point. I mean maybe you are putting those words because that’s how you feel, maybe you don't need that neutral rating anymore. So, I think it's a double absurd and that double [absorptive] the high valuations usually drag our valuations up to. I mean when you look at this year there has been things that have maybe taken that contracted that valuation as far as performance or the deceleration above.

Unidentified Analyst

On a relative basis, what do you think it is investors get wrong the most above either side of the equation, you or the competition?

Kip Meintzer

No, I don't think it's what they get wrong, I think it's the discipline and I explain to what I mean is, everybody is looking for the buyout. I mean that really what it appears people do, they (inaudible) as a potential acquisition candidate and since we are the big [Anti-Bot] it will see us so much of that acquisition candidate. So, they did that price up, I mean probably example I can look to is Blue Coat. Blue Coat spend its life at 26, $28 to finally had to blow up to down to $15 then it finally was bought at $23. So, my observations from the marketplace that appears to be what happened. McAfee was the same way. McAfee blew up went all the way down to $30. It got bought for $50 whatever, but that’s another story, but you see that’s the type of thing that happens where if they had been $50 they would have never got the premium. So, it's usually this companies had to blow up. So, the premiums there and hopefully we get dragged along with it.

Tom Ernst - Deutsche Bank

Perfect. Thanks so much Kip. Thank you all for coming.

Kip Meintzer

It's my pleasure.

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