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Computer crime concept.


Check Point Software Technologies (NASDAQ:CHKP) is a legacy cybersecurity business that was founded in 1993. Its founder and CEO is the legendary Gil Schwed who is credited with inventing the first-ever firewall. Since, this invention the company has continued to innovate while keeping its margins high and debt level low. The increasing connectivity of our world has resulted in an increasing number of cyberattacks. You can see just a few exact examples below from the LA Unified School District ransomware attack to the National Health Service [NHS] attack in the U.K.

Cybersecurity attacks

Cybersecurity attacks (Check Point Report)

Therefore it is no surprise that the Cyber Security market is forecasted to grow at a rapid 13.4% compounded annual growth rate [CAGR] and be worth $376 billion by 2029. In this post, I'm going to break down Check Point's business model, financials, and valuation, let's dive in.

Data by YCharts

Secure Business Model

In previous posts on Check Point I have covered its business model in more detail. Here is a quick recap. Check Point has three main product lines which cover; Network Security (Quantum), Cloud Security (Cloudguard), and User Access Security (Harmony). Quantum includes a series of Firewalls, Web Gateways and access points. The idea of these physical devices is to continually monitor and inspect network traffic to mitigate threats.

Its second product line Cloudguard aims to secure the cloud across various multi-cloud environments from AWS to Azure. This product competes directly with Palo Alto Networks and its Prisma platform. Then finally we have Harmony which uses a "zero trust" methodology to ensure user access is secure. "Zero Trust" means users in the network are not trusted by default and are given "least privileged access" to only the applications they need. This product competes with companies such as Zscaler (ZS).

Check Point Products

Check Point Products (Check Point)

Secure Third Quarter Results

Check Point reported strong financial results for the third quarter of 2022. Revenues were $577.6 million, which beat analyst expectations by $5.82 million and increased by 8% year over year. A key metric to analyze for SaaS companies is Billings, which is the actual amount invoiced to customers and the true "top line". In this case, Billings was $559 million which increased by 8% year over year. Deferred revenue, is the amount of customer payments that are not booked as revenue until the service is provided. In this case, deferred revenue was $1.65 billion in the Q3,22 up a solid 13% year over year.

Overall revenue growth was driven by solid products and security subscription revenue which increased by 13% year over year to $348 million. This is greater than management's prior expectations of above 10%, which they have achieved over the past three quarters. This growth has been reported across the board from its appliance lines both small, medium and large.

Products and Security Subscriptions Revenue

Products and Security Subscriptions Revenue (Q3,22 report)

Security Subscription revenue alone increased by 13% year over year to $216 million. This was driven by solid growth across Check Point's three main product lines; Quantum, CloudGuard and Harmony.

Security Subscriptions Revenue

Security Subscriptions Revenue (Q3,22 report)

In the third quarter of 2021, Check Point acquired cloud email security company Avanan. This was a solid acquisition in my eyes as 95% of cyber attacks towards enterprises occur via a simple "phishing" email. This usually involves a simple message but they are becoming more sophisticated and play immensely on human psychology. For example, these can be impersonating the CEO of the company or just include a curiosity enticing link which looks like it is from the HR department. I recently came across one email in the Nordics during my cybersecurity research which involved a mockup spreadsheet of the "salaries" for all the employees in a company. Users were told "not to open" the spreadsheet but of course, many did out of curiosity only to discover it was a phishing email.

Breaking down revenue by geography, 44% of revenue is from the Americas, with 43% from EMEA and 13% from APAC, thus the company's revenue is internationally diverse. Compared to the prior year there was only a +1% increase in APAC revenue and -1% increase in EMA revenue, which is fairly stable and not a significant enough movement to draw large conclusions.

Revenue by Geography

Revenue by Geography (Q3,22 report)

On to profitability, Check Point reported gross profit of $506 million in Q3,22 which increased by 7% at a solid 88% margin. This is fairly impressive given, the company is paying out more for its raw materials and shipping due to inflation and supply chain shortages. For example, the company is paying between $8 million and $10 million in the cost of its goods sold for storage before customer delivery.

Check Point reported solid earnings per share of $1.47 which increased by 5% year over year and beat analyst expectations by $0.09. This was solid growth given many operating expenses rose over the year. For example, in the table below you can see the company reported a 17% increase in its R&D expenses to $73 million. Overall I don't deem this to be a bad sign, as continual investments into innovation is necessary to stay ahead in the fast-moving cybersecurity industry.

Sales and Marketing expenses also increased by 14% year over year to $153 million, as the company rolled out its new products. In addition, General and Administrative expenses increased by 5% year over year to $18 million. Over time, I would like to see the business-generated operating leverage especially as it scales its software products and sells less physical hardware.

Operating expenses

Operating expenses (Q3,22 report)

Check Point reported strong operating cash flow of $240 million and has a solid balance sheet with $3.6 billion in cash, short-term investments, and marketable securities. In addition, the business has very little debt at just $22 million in total debt which is fantastic given the company is fairly old by cybersecurity standards, founded in 1993. The company also invested $325 million into its share buyback program, which showed management has confidence in the value creation of the business long term.

Advanced Valuation

In order to value Check Point I have plugged the latest financials into my advanced valuation model which uses the discounted cash flow method of valuation.

I have forecasted 8% revenue growth for next year which is aligned with the most exact growth rate. In addition, I have then forecasted growth to accelerate to 9% in years 2 to 5 as the economy improves and Check Point's new product range continues to gain traction.

Check Point stock valuation 1

Check Point stock valuation 1 (created by author Ben at Motivation 2 Invest)

In order to increase the accuracy of the valuation I have capitalized R&D expenses, which has lifted net income. I have forecasted the company to grow its pre-tax operating margin from 40.79% to 44% in 5 years, as supply chain issues ease.

Check Point stock valuation 1

Check Point stock valuation 2 (created by author Ben at Motivation 2invest)

Given these factors I get a fair value of $151 per share, the stock is trading at $130 per share at the time of writing and thus is ~14% undervalued.

As an extra data point Check Point trades at a PE ratio = 21.68 which is fairly valued relative to its 5-year average. However, the business does trade at a price-to-sales ratio = 7, which is 12% cheaper than its 5-year average. Relative to peers Check Point trades at one of the cheapest valuations.

Data by YCharts


Recession/Longer sales cycles

The high inflation and rising interest rate environment has caused many issues from supply chain constraints to recession forecasts. For B2B companies this means a tepid environment for business and will likely result in deferred spending and longer sales cycles.

Final Thoughts

Check Point is a tremendous company that has continually innovated to stay at the cutting edge in cybersecurity. The company's new product line is gaining traction and the stock is undervalued intrinsically. Due to the economic climate, I wouldn't be surprised to see fairly stable/slow growth but longer term the business is poised to benefit from the secular shift towards cybersecurity protection.

Tue, 29 Nov 2022 10:35:00 -0600 en text/html https://seekingalpha.com/article/4561231-check-point-solid-financials-and-undervalued
Killexams : Checkpoint Therapeutics Announces Reverse Stock Split

Checkpoint Therapeutics, Inc

WALTHAM, Mass., Dec. 05, 2022 (GLOBE NEWSWIRE) -- Checkpoint Therapeutics, Inc. (“Checkpoint”) (Nasdaq: CKPT), a clinical-stage immunotherapy and targeted oncology company, today announced that it will effect a 1-for-10 reverse stock split of its issued and outstanding common stock. Checkpoint expects its common stock to begin trading on a split-adjusted basis on the Nasdaq Capital Market as of the commencement of trading on December 6, 2022.

The reverse stock split was approved on November 3, 2022 by Checkpoint’s Board of Directors and stockholders representing approximately 58% of the voting power of Checkpoint’s outstanding capital stock. The reverse stock split is intended to Improve the marketability and liquidity of Checkpoint’s common stock and to remain in compliance with Nasdaq’s continued listing requirements.

Checkpoint’s common stock will continue to trade on the Nasdaq Capital Market under the symbol “CKPT” following the reverse stock split, with a new CUSIP number of 162828206. The reverse stock split will affect all stockholders uniformly and will not alter any stockholder's percentage interest in Checkpoint’s equity, except to the extent that the reverse stock split would result in a stockholder owning a fractional share. No fractional shares will be issued in connection with the reverse stock split and stockholders who would otherwise be entitled to a fractional share will receive a proportional cash payment. After the effectiveness of the reverse stock split, the number of outstanding shares of common stock will be reduced from approximately 93 million to approximately 9.3 million.

Checkpoint’s transfer agent, VStock Transfer, LLC, is also acting as the exchange and paying agent for the reverse stock split. VStock Transfer, LLC will provide instructions to stockholders regarding the process for exchanging physical share certificates. Checkpoint does not expect that stockholders holding their shares in book-entry form or through a bank, broker or other nominee need to take any action in connection with the reverse stock split. Beneficial holders are encouraged to contact their bank, broker or other nominee with any procedural questions. Additional information concerning the reverse stock split can be found in Checkpoint’s definitive Information Statement on Schedule 14C filed with the Securities and Exchange Commission on November 14, 2022.

About Checkpoint Therapeutics
Checkpoint is a clinical-stage immunotherapy and targeted oncology company focused on the acquisition, development and commercialization of novel treatments for patients with solid tumor cancers. Checkpoint is evaluating its lead antibody product candidate, cosibelimab, a potential best-in-class anti-PD-L1 antibody licensed from the Dana-Farber Cancer Institute, in an ongoing global, open-label, multicohort Phase 1 clinical trial in checkpoint therapy-naïve patients with selected recurrent or metastatic cancers, including ongoing cohorts in locally advanced and metastatic cutaneous squamous cell carcinoma (“cSCC”) intended to support one or more applications for marketing approval. Following positive topline and interim results in metastatic and locally advanced cSCC, respectively, Checkpoint intends to submit a Biologics License Application for these indications later this year. Checkpoint is evaluating its lead small-molecule, targeted anti-cancer agent, olafertinib (formerly CK-101), a third-generation epidermal growth factor receptor (“EGFR”) inhibitor, as a potential new treatment for patients with EGFR mutation-positive non-small cell lung cancer. Checkpoint is headquartered in Waltham, MA and was founded by Fortress Biotech, Inc. (Nasdaq: FBIO). For more information, visit www.checkpointtx.com.

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, each as amended, that involve a number of risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements relating to the reverse stock split improving the marketability and liquidity of our common stock and to remain in compliance with Nasdaq’s continued listing requirements, statements relating to the potential differentiation of cosibelimab, including a potentially favorable safety profile as compared to the currently available anti-PD-1 therapies, the two-fold mechanism of action of cosibelimab translating into potential enhanced efficacy, projections of publication and regulatory submission timelines, and our planned price disruptive strategy generating substantial market share for cosibelimab in the U.S. Factors that could cause our actual results to differ materially include the following: our ability to successfully deliver the complete dataset from the clinical trial and complete a BLA submission on schedule as planned; the risk that topline and interim data remains subject to audit and verification procedures that may result in the final data being materially different from the topline or interim data we previously published; the risk that safety issues or trends will be observed in the clinical trial when the full safety dataset is available and analyzed; the risk that a positive primary endpoint does not translate to all, or any, secondary endpoints being met; risks that regulatory authorities will not accept an application for approval of cosibelimab based on data from the Phase 1 clinical trial; the risk that the clinical results from the Phase 1 clinical trial will not support regulatory approval of cosibelimab to treat cSCC or, if approved, that cosibelimab will not be commercially successful; risks related to our chemistry, manufacturing and controls and contract manufacturing relationships; risks related to our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks related to our need for substantial additional funds; other uncertainties inherent in research and development; our dependence on third-party suppliers; government regulation; patent and intellectual property matters; competition; and our ability to achieve the milestones we project, including the risk that the evolving and unpredictable Russia/Ukraine conflict and COVID-19 pandemic delay achievement of those milestones. Further discussion about these and other risks and uncertainties can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and in our other filings with the U.S. Securities and Exchange Commission.

Any forward-looking statements set forth in this press release speak only as of the date of this press release. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law. This press release and prior releases are available at www.checkpointtx.com.

Company Contact:
Jaclyn Jaffe
Checkpoint Therapeutics, Inc.
(781) 652-4500

Investor Relations Contact:
Ashley R. Robinson
Managing Director, LifeSci Advisors, LLC
(617) 430-7577

Media Relations Contact:
Katie Kennedy
Gregory FCA

Mon, 05 Dec 2022 08:20:00 -0600 en-US text/html https://www.yahoo.com/lifestyle/checkpoint-therapeutics-announces-reverse-stock-213000333.html
Killexams : BPD hosting DUI, driver's license checkpoint

The Bakersfield Police Department will hold a DUI and driver's license checkpoint Friday at an undisclosed location in Bakersfield. 

The checkpoint will happen from 6:30 p.m. Friday to 2 a.m. Saturday. Officers will search for impairment from drugs or alcohol and proper licenses. Drugs that can affect people may include prescription pills, marijuana and some over-the-counter medicine.  

Drivers apprehended by police can expect jail time, fines, DUI classes and other expenses totaling more than $10,000, according to a BPD news release. 

The public is encouraged to call 911 if they see a suspected impaired driver. 

Tue, 06 Dec 2022 12:17:00 -0600 en text/html https://www.bakersfield.com/news/bpd-hosting-dui-drivers-license-checkpoint/article_c1b6a0b6-75b2-11ed-b949-bbc15aa2ba17.html
Killexams : TSA discovers dog in a carry-on bag at Wisconsin airport checkpoint
"A dog was accidentally sent through the X-ray" at the Dane County Regional Airport in Madison, Wisconsin this week, the TSA said on its Tested Great Lakes region Twitter account on Tuesday afternoon.

Animals need to be removed from carrying cases and the empty carrier sent through the screening machine, the TSA said.

"When traveling with any animal, notify your airline & know their rules," the agency said in its tweet.

This latest discovery comes after last month's find of a live cat trapped inside a suitcase at John F. Kennedy Airport in New York.

Flying with a pet

Major airlines in the United States charge fees for traveling with a pet on board a flight -- sometimes in excess of the cost of airfare itself.

American Airlines and United Airlines charge $125 one-way. Southwest and Delta charge $95 one-way.

If you want to travel with your small pet in the cabin of a plane, TSA has some helpful hints so you can do it the correct and humane way.
Tue, 06 Dec 2022 18:03:00 -0600 en text/html https://www.cnn.com/travel/article/tsa-finds-dog-in-bag-wisconsin-airport/index.html
Killexams : TSA Wants to Automate ID Verification at Checkpoint Security

The Transportation Security Administration, or TSA, is adding digital IDs to a pilot program for testing facial recognition technology at airports across the country as part of its evaluation of the effectiveness of this technology as the agency works to further digitize and automate passenger identity verification at checkpoint security.

Passenger ID verification is traditionally done by presenting a physical ID to a TSA agent who checks that against the traveler’s flight and biographical information stored in the agency’s database. The agency is exploring if it can use digital IDs––which are digital versions of the information on a physical ID that is stored and accessed on a mobile device, such as a mobile driver’s license––checked against a real-time facial recognition scan for the verification process.

TSA is using the Credential Authentication Technology 2, or CAT-2, system identity verification at 16 airports, according to a Washington Post article. It will collect and compare the information from the digital ID––the photograph and personally identifiable information––with the passenger’s live photo and flight information. TSA previously tried this with physical IDs and is now seeing if this is possible with digital IDs. 

TSA began the pilot in early 2022 in an effort to “support the phased rollout of digital IDs, including mobile driver’s licenses.” During the beginning of the rollout process, TSA will only accept select mobile driver’s licenses and digital IDs from TSA PreCheck passengers. Non-TSA  PreCheck passengers will be able to use a mobile driver’s license in the future. 

“TSA expects that facial verification may permit TSA personnel to Improve airport security and expedite checkpoint security processes,” the agency’s Privacy Impact Assessment said. 

An individual can tap their mobile device against the CAT-2 digital reader or scan the QR code shown on their phone screen. The individual will then see the information being shared with TSA and must consent to share this information. 

The individual’s information is Tested by authenticating the digital ID, matching the digital ID information and photo against flight booking information and the live photo of the individual taken by the facial recognition scanner. Upon verification, the passenger will be able to proceed through the checkpoint. A TSA officer will be present throughout the verification process.

According to the agency, it will anonymize and encrypt the collected data and transfer it for temporary analysis to the Homeland Security Department Science and Technology Directorate to assess the effectiveness of this technology at the TSA checkpoint. TSA will delete the data within two years.

TSA noted that when it is not conducting the evaluation, passengers’ live photos and personally identifiable information from their digital ID will only last until the next passenger is scanned, when the system overwrites the old passenger’s information with the existing passenger’s information. 

Individuals are allowed to opt-in to this voluntary pilot program, where TSA will collect the aforementioned information “for the purposes of enhancing transportation security, identity verification, and testing the effectiveness of this technology at the checkpoint under the authority of the Aviation and Transportation Security Act.” According to TSA, it may share a passenger’s provided information with DHS S&T, law enforcement, intelligence agencies and others. 

If a passenger does not opt-in, they will go through the standard checkpoint screening process. 

Tue, 06 Dec 2022 17:32:00 -0600 en text/html https://www.nextgov.com/analytics-data/2022/12/tsa-wants-automate-id-verification-checkpoint-security/380494/
Killexams : Checkpoint Therapeutics Shares Dive 10% on Pending 1-for-10 Reverse Split

By Denny Jacob

Checkpoint Therapeutics Inc. shares dove 10% to 47 cents in after-hours trading Monday after the company said it will issue a 1-for-10 reverse stock split of its issued and outstanding common stock.

The clinical-stage immunotherapy and targeted oncology company said it expects its common stock to begin trading when the market opens Tuesday on the Nasdaq Capital Market, on a split-adjusted basis.

Checkpoint said the split was approved by its board and shareholders on Nov. 3.

The company said the split is intended to Improve the marketability and liquidity of its common stock and to remain in compliance with Nasdaq's continued listing requirements.

Shares are down 83% on the year.

Write to Denny Jacob at denny.jacob@wsj.com

Mon, 05 Dec 2022 08:18:00 -0600 en-US text/html https://www.marketwatch.com/story/checkpoint-therapeutics-shares-dive-10-on-pending-1-for-10-reverse-split-271670277359
Killexams : Travelers in Ben-Gurion Airport told to duck after car breaks through checkpoint

This website is using a security service to protect itself from online attacks. The action you just performed triggered the security solution. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data.

Sat, 03 Dec 2022 14:56:00 -0600 en-US text/html https://www.jpost.com/breaking-news/article-724004
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