Check Point Software Technologies Ltd.

Recording in progress.

Greetings and welcome to Check Point Software's 2025 Fourth Quarter and Full Year Financial Results video conference. I'm Kippy Meitzer, Global Head of Investor Relations, and joining me today are Chief Executive Officer Nadav Zafrir and our Chief Financial Officer Roy Galan. Before we begin, I'd like to remind everyone that the conference is being recorded and will be available for replay on our website at Checkpoint.com. During the formal presentation, all participants are in a listen-only mode that will be followed by a Q&A session. During this presentation, Checkpoint's representatives may make forward-looking statements Forward-looking statements generally relate to future events or our future financial and or operating performance, including statements related to the anticipated ratification of the Israeli Government Research and Development Incentive Program and potential impact of these grants on our financial results. These statements involve risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. Any forward-looking statements made speak only as of the date hereof, and Check Point Software undertakes no obligation to update publicly any forward-looking statements. In our press release, which has been posted on our website, we present GAAP and non-GAAP results, along with a reconciliation of such results, as well as the reasons for our presentation of non-GAAP information. If you have any questions after the call, please feel free to contact Investor Relations by email at kip at checkpoint.com. And now I'd like to turn the call over to Nadav for the... Thank you, Kip.

It's great to be with everyone here today. I want to begin with a recap of 2025, followed by our plans for 2026 and beyond. We printed solid 2025 fourth quarter and full year results. During the year, we delivered consistent execution while building a stronger foundation for our long-term sustainable growth. We expanded our platform with two new pillars, security for AI and exposure management. We're building both organically and through targeted acquisitions. We also strengthened our go-to-market engine. We expanded and flattened our C-suite structure and aligned it to our operating model. We're laser focused on strategic customers, new logo acquisition, and partner leverage. And our sales are focused and designed to develop deeper enterprise penetration, a broader portfolio adoption, and increase new logo wins. We also enhance our financial flexibility with a $2 billion zero coupon convertible notes offering, strengthening our balance sheet, and creating the capacity to invest in our highest conviction priorities. Looking ahead to 2026 and beyond, we are positioning the company to lead the AI era of cybersecurity. As you're keenly aware, AI is fundamentally changing the threat landscape, And this requires organizations to revisit their core security assumption and revalidate their security foundations. In fact, decades of corporate infrastructure is now vulnerable because the very nature of attacks is changing. And so security leaders must revalidate their existing security foundations. protect new attack surfaces that are driven by the adaption of new capabilities and tools, as well as embrace AI as a force multiplier just to remain competitive. And our mission at Checkpoint is very clear. We secure our customers' AI transformation. That means we continuously update our existing security solutions to defend against evolving threats, We're securing the expanding AI-driven attack surface with purpose-built capabilities and leveraging AI to simplify and automate security management and operations. And we do this by applying a proactive prevention-first approach, which leverages our superior capabilities, and continuously research, discover, and build solutions to anticipate the evolving threats. We secure our customers AI transformation through four strategic solution pillars, each one of them a platform of its own. Hybrid mesh network security, securing the infrastructure, workspace security, securing the employees, exposure management that provides situational awareness, and then finally, AI security across all of these pillars. We secure the hybrid mesh infrastructure across data centers, hybrid cloud, branch, and SASE. And we have a very clear market differentiation for hybrid mesh. And our advantages are we have the superior proactive prevention, second to none, a hybrid architecture that optimizes user experience at the edge, and our parallel ability to scale, and then finally, an AI-powered unified management. As you know, AI is embedded everywhere, and so the attacks can originate from everywhere, from anywhere. And so we're building an integrated and unified workspace platform that's spanning across devices, browser, email, SaaS applications, and remote access. We believe that our recognized leadership position in email security and superior phishing prevention capability is a springboard to lead the way in exporter management. Managed service providers, or MSPs, also represent an important opportunity in the workspace security pillar. We identified Rotate as a provider of a comprehensive platform purpose-built for MSPs. We acquired a team of Rotate to build momentum in the MSP market, leverage our position as a leading MSP email security provider. Next, we establish exposure management as a new strategic pillar, and we believe we're uniquely positioned to expand our market share in the coming few years. Security teams are challenged by the overwhelming volumes of vulnerability, disconnected intelligence, shrinking remediation windows, and in an AI-driven threat landscape, weeks-long resolution cycle for critical vulnerabilities are no longer viable. At Check Point, we deliver real-time situational awareness unified across threat intelligence, attack surface visibility, providing context, and automated remediation. Today, I'm also excited to announce the acquisition of Cyclops, a cyber asset attack surface management company that brings AI-driven asset discovery to enable accurate vulnerability context and risk prioritization. Cyclops strengthens our exposure management platform and delivers robust CTEM offering that includes threat intelligence, vulnerability scanning and prioritization, and at the end of the day, also actionable and safe remediation. And finally, as organizations rush to adopt AI, just to remain relevant, this breakneck pace of AI adoption prevents many new risks to organization. We get data leakage, three-up prompts, the uploading of sensitive data, AI threats like jailbreaking or remodeling version, and lastly, agents with uncontrolled autonomy sometimes acting beyond their scope. AI security is a foundational pillar of our strategy. Our comprehensive AI security stack protects employee usage, enterprise application, agents, and models. Late last year, we made the acquisition of Lakira to deliver runtime protection across AI applications and agents based on an industry-leading foundational model. You know that this is evolving faster than anything we've ever seen and requires design partnerships and open guarder and the ability to track and acquire the innovators. And so today I'm happy to announce the acquisition of Sciata, specializing in discovering and understanding and ultimately governing autonomous AI agents. Sciata extends our platform by protecting the emerging AI workforce, enabling organizations to safely accelerate their AI transformation. In summary, 2025, as you know, my first year as CEO of Check Point. During the year, we strengthened our leadership team. We improved our go-to-market execution and enhanced our financial flexibility, all while delivering solid results. I believe during my first year, we built a foundation that positions us to accelerate our growth over the next few years. And looking ahead, our strategy is focused and aligned. Organizations around the world are accelerating their adoption. And our mission is to secure their AI transformation. Through our four strategic pillars, we are addressing the expanding AI-driven attack surface and bringing critical innovation to customers. The recent acquisition of Cyclops, Cyada, and Rotate's talent further enhance our capabilities in exposure management, AI security, and workspace. And these acquisitions strengthen our competitive position and ultimately support our long-term growth ambitions. We're executing with discipline, investing behind our highest conviction opportunities and driving greater value for customers, partners, and shareholders in 2026 and beyond. And with that, I'll turn to Rodrigo on to address our financials.