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Check Point Software Technologies' Management Presents At Citi Technology Conference (Transcript)

Tal Payne

In reality, I think people enjoying their vacations. That’s all we know about this quarter for now, because Europe just came back from vacations. And for our business, still back end loaded as you know that we really see (inaudible) products and services, obviously we have a lot of it coming from the previous deferred revenue. But really booking doesn't start until the last month which is September which just started. So if you ask me but the end of the quarter, I'll be encouraged to tell you. I don't see any implications for anything else therefore the people still could afford vacations.

Walter Pritchard - Citigroup

Just from a business perspective if I look at your growth rate in the first half of 2012 and I compare that to what it was in 2011 and maybe I don't worry about revenue recognition and what's deferred and was recognized I am sure something like billing as the proxy for growth and the growth is rate slowed by you know five, six points something in that range. What do you attribute that difference in growth rate to and how should we think about more of the longer term rate of Check Point is it more like what we saw in 2011 and more like what we're seeing in 2012?

Tal Payne

Sure. Firstly, we believe we’ll grow faster than the market and we still believe that we’ll grow faster than the market. What's happening to us this year, this will be analyzed according to what's happened specifically in the product line that we launched. So historically when we launched the Software Blade architecture, we saw is what you referred to we had a shift from product revenue into service revenue, so in the billing you saw quite accelerated growth rate because it slowed down the growth of the product, you can see very clearly last year while it increased the deferred revenue growth a shift as a result of the software blade, the annuity software blade.

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