Check Point Software Technologies Reports 2004 Fourth Quarter and Annual Financial Results; 2004 Fourth Quarter Revenues Increased 24% Over Fourth Quarter of 2003.REDWOOD CITY Redwood City, city (1990 pop. 66,072), seat of San Mateo co., W Calif., on San Francisco Bay; inc. 1868. Manufactures include commmunications, electrical, electronic, and medical equipment. , Calif. -- Check Point Software Technologies Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CHKP CHKP Check Point Software Technologies Ltd. (stock abbreviation, AMEX) ), the worldwide leader in securing the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the , today announced its financial results for the fourth quarter and year ended December December: see month. 31, 2004. Financial Highlights for the Fourth Quarter of 2004: --Revenues: $143.0 million, an increase of 24% compared to $115.3 million in the fourth quarter of 2003. --Net income: $76.4 million, and $78.7 million excluding net acquisition related charges(1), an increase of 21% compared to $65.3 million in the fourth quarter of 2003. --Earnings per Diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. Share: $0.30, and $0.31 excluding net acquisition related charges, an increase of 19% compared to $0.26 in the fourth quarter of 2003. --Operating Margin: 58% for the fourth quarter of 2004, excluding acquisition related charges, compared to 56% in the third quarter of 2004. --Share Repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. Program: During the fourth quarter, the company purchased 1.9 million shares at a total cost of close to $44.3 million. In 2004, the company purchased a total of 12 million shares at a total cost of $245 million. Financial Highlights for the Year Ended December 31, 2004: --Revenues: $515.4 million, an increase of 19% compared to $432.6 million for the year ended December 31, 2003. --Net Income: $248.4 million, and $278.7 excluding net acquisition related charges, an increase of 14% compared to $243.9 million in 2003. --Earnings per Diluted Share: $0.95, and $1.07 excluding net acquisition related charges, an increase of 11% compared to $0.96 in 2003. --Cash and Interest Bearing Investments: $1.58 billion as of December 31, 2004. --Record Deferred Revenues: $141.1 million as of December 31, 2004, an increase of $16.3 million from the third quarter of 2004. "Fourth quarter results demonstrated a strong ending to a very good year," said Gil Shwed Gil Shwed (Hebrew: גיל שוויד, fl. c. 2000) is an Israeli programmer and entrepreneur. He is the founder, CEO and chairman of board of Check Point Software Technologies Ltd. , chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Check Point Software Technologies. "We redefined the scope of the Internet security ''This article or section is being rewritten at Internet security is the process of protecting data and privacy of devices connected to internet from information robbery, hacking, malware infection and unwanted software. market with the introduction of our new Internal and Web security products and technologies. We've we've Contraction of we have. we've have also expanded our product portfolio and customer access with our endpoint security products; Integrity and the ZoneAlarm family. In addition, we've continued to experience healthy growth and traction Traction Definition Traction is the use of a pulling force to treat muscle and skeleton disorders. Purpose Traction is usually applied to the arms and legs, the neck, the backbone, or the pelvis. for our enterprise, high-end and branch office security gateways." Business Highlights and Introductions during 2004: Q1 --InterSpect(TM), the World's First Internal Security Gateway - Provides the deepest and most intelligent security for safeguarding internal networks against cyber (1) From "cybernetics," it is a prefix attached to everyday words to add a computer, electronic or online connotation. The term is similar to "virtual," but the latter is used more frequently. See virtual. attacks that are introduced from inside the network. --Endpoint Security - Family of best-of-breed solutions for a broad range of customers, from consumers to enterprises, enhanced with the completion of the Zone Labs(R) acquisition. --Malicious Code Protector protector /pro·tec·tor/ (-tek´ter) a substance in a catalyst that prolongs the rate of activity in the latter. (TM) - Patent-pending technology included with Web Intelligence(TM) that catches buffer overflow A common cause of malfunctioning software. If the amount of data written into a buffer exceeds the size of the buffer, the additional data will be written into adjacent areas, which could be buffers, constants, flags or variables. attacks and other malicious Involving malice; characterized by wicked or mischievous motives or intentions. An act done maliciously is one that is wrongful and performed willfully or intentionally, and without legal justification. DESERTION, MALICIOUS. code, enabling the highest level of security protection for customers by monitoring Web communications for potential malicious executable code Software in a form that can be run in the computer. It typically refers to machine language, which is comprised of native instructions the computer carries out in hardware. Executable files in the DOS/Windows world use .EXE and . . Q2 --New Valued Partner Program - New channel program that empowers worldwide solution provider partners to achieve greater success in selling Check Point solutions. --Check Point Experience(TM) Events - Thousands of partners and end-users worldwide participated in Check Point Experience events in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Europe and Asia and benefited from valuable technology and market information. Q3 --New Web Security Portfolio - Includes Web Intelligence, Connectra(TM) and SSL (Secure Sockets Layer) The leading security protocol on the Internet. Developed by Netscape, SSL is widely used to do two things: to validate the identity of a Web site and to create an encrypted connection for sending credit card and other personal data. Network Extender See Media Center Extender, bus extender and DOS extender. (TM) that provide unmatched security protection and unity for an organization's entire Web infrastructure. --Check Point Integrity(TM) SecureClient(TM) - Enables easy installation and automatic configuration of remote access, endpoint security and policy enforcement solutions. Q4 --Safe@Office(TM) 400 series of Wireless Security Appliances Security appliances protect computer networks from unwanted data traffic, intruders, email spam, enforce policies, and may also be used to create and manage VPNs. There are a number of types of security appliances. - Integrated, all-in-one wireless security appliances that include a wireless access point and enable small businesses to simply and affordably achieve secure, flexible wireless access to network resources anywhere and anytime. --Total Access Protection (TAP) - Enables enterprises to defend all their network-connected PCs - regardless of location, ownership or connection method - with unified remote access, endpoint security, host intrusion prevention See IPS and IDS. and policy enforcement. Partial List of Awards in 2004: --VARBusiness Magazine, Five-Star Rating for Channel Partner Program - The highest attainable at·tain v. at·tained, at·tain·ing, at·tains v.tr. 1. To gain as an objective; achieve: attain a diploma by hard work. 2. ranking, for outstanding breadth and depth of channel partner program offerings. --VARBusiness Magazine, Founder and CEO, Gil Shwed Named a Top Technology Innovator - Shwed was recognized for exemplification An official copy of a document from public records, made in a form to be used as evidence, and authenticated or certified as a true copy. Such a duplicate is also referred to as an exemplified copy or a certified copy. EXEMPLIFICATION, evidence. of technological creativity coupled with keen business acumen acumen Astuteness, perception, perspicacity . Shwed in particular was credited with developing multiple innovative security technologies including Stateful Inspection A firewall technology that ensures that all inbound packets are the result of an outbound request. Also called "stateful packet inspection" (SPI), it was designed to prevent harmful or unrequested packets from entering the computer. technology, and for the introduction of Check Point's revolutionary Internal and Web security product lines in 2004. --Information Security Magazine, "Hot Pick" - Editors recognized InterSpect for its innovative approach to persistent or emerging security problems, its significant technical or functional advancements over competitive solutions, and for being a realistic and practical solution that can be implemented in enterprise IT environments. --Computer Reseller An organization that sells hardware and software to the general public. Resellers purchase products from software publishers and hardware manufacturers. News, United Kingdom, Security Vendor Partner of the Year - Judged by a panel of analysts, editors and corporate executives, the awards recognized the top IT security vendors, distributors and resellers in the industry. Check Point was deemed to have done the most in 2004 to help its resellers develop profitable businesses. --Asia Computer Weekly, Star Performer and Gold Awards, Readers Voted -
-- Check Point Next Generation(TM) with Application
Intelligence(TM) as the Star Performer winner in the
server firewall software category
-- Check Point Integrity/Zone Alarm(TM) Pro as the Star
Performer winner in the desktop firewall security category
-- Check Point Connectra for the Gold award.
--Gartner Group, Leader in Magic Quadrant The Gartner Magic Quadrant is a proprietary research tool developed by Gartner Inc., a US based research and advisory firm. It is designed to provide an unbiased qualitative analysis of a “markets’ direction, maturity, and participants. Reports - IPSec VPN (Virtual Private Network) A private network that is configured within a public network (a carrier's network or the Internet) in order to take advantage of the economies of scale and management facilities of large networks. Equipment and Enterprise Firewalls, 2H03 Reports - indicates outstanding performance, a clear market vision and the ability to actively build competencies required to sustain leadership position in the market. --CNET, Editors' Choice - The coveted cov·et v. cov·et·ed, cov·et·ing, cov·ets v.tr. 1. To feel blameworthy desire for (that which is another's). See Synonyms at envy. 2. To wish for longingly. See Synonyms at desire. award recognizes ZoneAlarm Security Suite and ZoneAlarm Pro for outstanding personal technology and consumer electronic products that represent the best available choice for quality, performance, design and service. --SC Magazine, Best Small Office/Home Office See SOHO. Security Solution - ZoneAlarm Pro was recognized by the SC Awards Council, made up of 100 senior information technology professionals around the world who understand the security challenges of large organizations and small businesses, as well as recognize the potential cost for major disasters arising from security breaches. --PC Magazine, Editors' Choice - ZoneAlarm Security Suite and ZoneAlarm Pro recognized for simple, intuitive interfaces and advanced security against several types of Internet-borne threats, including worms Worms (vôrms), city (1994 pop. 79,155), Rhineland-Palatinate, SW Germany, on the Rhine River. It is an industrial city and a leading wine trade center. , Trojan A program that appears legitimate, but performs some illicit activity when it is run. It may be used to locate password information or make the system more vulnerable to future entry or simply destroy programs or data on the hard disk. programs, and hacker A person who writes programs in assembly language or in system-level languages, such as C. The term often refers to any programmer, but its true meaning is someone with a strong technical background who is "hacking away" at the bits and bytes. attacks. --PC World, "World Class" Award, Best Firewall - Hundreds of products in 67 categories were judged on usability How easy something is to use. Both software and Web sites can be tested for usability. Considering how difficult applications are to use and Web sites are to navigate, one would wish that more designers took this seriously. See user interface and usability lab. , design, innovation, features, performance, and value. ZoneAlarm Pro was named the winner in the firewall category for the fifth consecutive year. --Windows IT Pro Magazine, Readers' Choice Awards -
-- Check Point Next Generation with Application Intelligence
- Best Firewall
-- Check Point VPN-1(R) SecureClient - Best Remote Access VPN
-- Check Point ZoneAlarm Pro 4.5 - Best Spyware Blocker
--PC Magazine, "Best of the Year" - Editors' carefully narrowed down the list of all Editors' Choice winners throughout 2004 and selected the final 100 products worthy enough to be called the best of the year in its December issue. ZoneAlarm Pro and ZoneAlarm Security Suite are both named "Best of the Year" in the personal security category. Mr. Shwed continued: "During 2004, the Check Point team continued to innovate in·no·vate v. in·no·vat·ed, in·no·vat·ing, in·no·vates v.tr. To begin or introduce (something new) for or as if for the first time. v.intr. To begin or introduce something new. and deliver new security solutions and technological advantages that enrich our integrated security architecture. This uniquely positioned us as the network security vendor of choice for customers of all sizes. We intend to continue to build on our product and technology framework in 2005 and deliver on our vision of worry-free, end-to-end end-to-end a pattern of anastomosis in which severed ends are matched and united, in contrast with other patterns such as end-to-side or side-to-side. Usually applied to anastomosis of the intestine. Internet security protection for our partners and customers." Conference Call and Webcast Information Check Point will host a conference call with the investment community on January 18, 2005 at 2:30 PM PT/5:30 PM ET. A replay of the conference call will be available through February 1 at the Company's website http://www.checkpoint (programming) checkpoint - Saving the current state of a program and its data, including intermediate results, to disk or other non-volatile storage, so that if interrupted the program could be restarted at the point at which the last checkpoint occurred. .com/ir or by telephone at 973-341-3080, confirmation code 5568706. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Certain statements in this press release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Because such statements deal with future events, they are subject to various risks and uncertainties and actual results could differ materially from Check Point's current expectations. Factors that could cause or contribute to such differences include, but are not limited to: Check Point's ability to integrate Zone Lab's operations effectively, the impact on revenues of economic and political uncertainties and weaknesses in various regions of the world, including the commencement or escalation es·ca·late v. es·ca·lat·ed, es·ca·lat·ing, es·ca·lates v.tr. To increase, enlarge, or intensify: escalated the hostilities in the Persian Gulf. v.intr. of hostilities or acts of terrorism; the inclusion of network security functionality in third-party hardware or system software; any unforeseen developmental or technological difficulties with regard to Check Point's products; changes in the competitive landscape, including new competitors or the impact of competitive pricing and products; a shift in demand for products such as Check Point's; unknown factors affecting third parties with which Check Point has formed business alliances; timely availability and customer acceptance of Check Point's new and existing products, and other factors and risks discussed in Check Point's Annual Report on Form 20-F for the year ended December 31, 2003, which is on file with the Securities and Exchange Commission. Check Point assumes no obligation to update information concerning its expectations. About Check Point Software Check Point Software Technologies (www.checkpoint.com) is the worldwide leader in securing the Internet. It is the market leader of both the worldwide VPN and firewall markets. Through its Next Generation product line, the company delivers a broad range of intelligent Perimeter The boundary of a system or network, which defines the inside and outside. It is typically determined by firewalls and addresses. See DMZ. , Internal and Web security solutions that protect business communications and resources for corporate networks and applications, remote employees, branch offices and partner extranets. The company's ZoneAlarm product line is one of the most trusted brands in Internet security, creating award-winning endpoint security solutions that protect millions of PCs from hackers, spyware Software that sends information about your Web surfing habits to its Web site. Often quickly installed in your computer in combination with a free download you selected from the Web, spyware transmits information in the background as you move around the Web. and data theft. Extending the power of the Check Point solution is its Open Platform for Security (OPSEC (OPerations SECurity) The U.S. military term for concealing critical information as part of a counterintelligence plan. A form of "security by obscurity," OPSEC determines what information adversaries can obtain or piece together from observation and to provide measures for ), the industry's framework and alliance for integration and interoperability The capability of two or more hardware devices or two or more software routines to work harmoniously together. For example, in an Ethernet network, display adapters, hubs, switches and routers from different vendors must conform to the Ethernet standard and interoperate with each other. with "best-of-breed" solutions from over 350 leading companies. Check Point solutions are sold, integrated and serviced by a network of more than 2,200 Check Point partners in 88 countries. (C)2004-2005 Check Point Software Technologies Ltd. All rights reserved. Check Point, Application Intelligence, Check Point Express, the Check Point logo, AlertAdvisor, ClusterXL, Cooperative Enforcement, ConnectControl, Connectra, CoSa, Cooperative Security Alliance, FireWall-1, FireWall-1 GX, FireWall-1 SecureServer, FloodGate-1, Hacker ID, IMsecure, INSPECT INSPECT Intelligent System for Air Campaign Plan Evaluation based on expeCT , INSPECT XL, Integrity, InterSpect, IQ Engine, Open Security Extension, OPSEC, Policy Lifecycle Management, Provider-1, Safe@Home, Safe@Office, SecureClient, SecureKnowledge, SecurePlatform, SecurRemote, SecurServer, SecureUpdate, SecureXL, SiteManager-1, SmartCenter, SmartCenter Pro, Smarter Security, SmartDashboard, SmartDefense, SmartLSM, SmartMap, SmartUpdate, SmartView, SmartView Monitor, SmartView Reporter, SmartView Status, SmartViewTracker, SofaWare, SSL Network Extender, TrueVector, UAM UAM Universidad Autónoma de Madrid (Spain) UAM Universidad Autonoma Metropolitana (México) UAM Uniwersytet im. , User-to-Address Mapping, UserAuthority, VPN-1, VPN-1 Accelerator accelerator: see particle accelerator. (1) A key combination such as Alt-G or Ctrl-Shift H that is used to activate a task. (2) An incubator that expects to develop the company considerably faster than normal. See incubator. Card, VPN-1 Edge UTM-1 Edge (formerly VPN-1 UTM Edge and VPN-1 Edge) is a line of firewall and VPN appliances developed by SofaWare Technologies, a Check Point company. The Check Point VPN-1 UTM Edge product line is designed for enterprise branch offices and for teleworkers. , VPN-1 Pro, VPN-1 SecureClient, VPN-1 SecuRemote, VPN-1 SecureServer, VPN-1 VSX (Verification Suite for X/Open) A testing procedure from X/Open that verifies compliance with their endorsed standards. VSX3 has over 5,500 tests for compliance with XPG3. See XPG. VSX - Verification Suite for X/open. , Web Intelligence, ZoneAlarm, Zone Alarm Pro, Zone Labs, and the Zone Labs logo, are trademarks or registered trademarks of Check Point Software Technologies Ltd. or its affiliates. All other product names mentioned herein are trademarks or registered trademarks of their respective owners. The products described in this document are protected by U.S. Patent No. 5,606,668, 5,835,726 and 6,496,935 and may be protected by other U.S. Patents, foreign patents, or pending applications. (1)"Acquisition related charges" refer to the impact of the amortization of intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. and deferred stock compensation resulting from the acquisition of Zone Labs.
CHECK POINT SOFTWARE TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended Year Ended
December 31, December 31,
2004 2003 2004 2003
--------- --------- -------- --------
(unaudited) (unaudited) (unaudited) (unaudited)
Revenues:
Licenses $ 77,142 $ 63,022 $275,677 $230,096
Subscriptions 53,268 42,478 196,327 161,690
--------- --------- -------- --------
Total product revenues 130,410 105,500 472,004 391,786
Services 12,639 9,800 43,356 40,786
--------- --------- -------- --------
Total revenues 143,049 115,300 515,360 432,572
--------- --------- -------- --------
Operating expenses:
Cost of revenues 5,989 4,592 23,553 18,923
Research and
development 12,015 7,523 43,186 29,314
Selling and
marketing 36,487 29,953 132,796 111,007
General and
administrative 6,050 4,350 23,657 17,644
Amortization of
intangible assets
and deferred
stock compensation 2,782 - 8,851 -
Acquisition related
in-process R&D - - 23,098 -
--------- --------- -------- --------
Total operating
expenses 63,323 46,418 255,141 176,888
--------- --------- -------- --------
Operating income 79,726 68,882 260,219 255,684
Financial income, net 11,970 10,745 44,777 43,506
--------- --------- -------- --------
Income before
income taxes 91,696 79,627 304,996 299,190
Income taxes 15,252 14,371 56,603 55,311
--------- --------- -------- --------
Net income $ 76,444 $ 65,256 $248,393 $243,879
========= ========= ======== ========
Net income excluding
in-process R&D and
amortization of
intangible assets and
deferred stock
compensation $ 78,684 $ 65,256 $278,717 $243,879
========= ========= ======== ========
Earnings per share
(basic) $ 0.31 $ 0.26 $ 0.99 $ 0.98
========= ========= ======== ========
Number of shares used
in computing earnings
per share (basic) 248,585 248,945 251,244 247,691
========= ========= ======== ========
Earnings per share
(fully diluted) $ 0.30 $ 0.26 $ 0.95 $ 0.96
========= ========= ======== ========
Earnings per share
(fully diluted)
excluding in-process
R&D and amortization
of intangible assets
and deferred stock
compensation $ 0.31 $ 0.26 $ 1.07 $ 0.96
========= ========= ======== ========
Number of shares used
in computing earnings
per share (fully
diluted) 257,459 255,834 260,608 255,083
========= ========= ======== ========
CHECK POINT SOFTWARE TECHNOLOGIES LTD.
SELECTED CONSOLIDATED BALANCE SHEET DATA
(In thousands)
ASSETS
December 31, December 31,
2004 2003
---------- ----------
(unaudited) (unaudited)
Current Assets:
Cash and cash equivalents $ 157,655 $ 327,188
Marketable securities and deposits 965,352 809,158
Trade receivables, net 96,006 72,754
Other receivables and prepaid expenses 20,517 19,667
---------- ----------
Total current assets 1,239,530 1,228,767
---------- ----------
Long-term assets:
Long-term investments 455,148 467,264
Property and equipment, net 8,144 7,394
Intangible assets, net 25,857 -
Goodwill 172,528 -
Deferred income taxes 18,752 5,519
---------- ----------
Total long-term assets 680,429 480,177
---------- ----------
Total assets $1,919,959 $1,708,944
========== ==========
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities:
Deferred revenues $ 141,114 $ 105,889
Trade payables and other accrued liabilities 137,932 139,345
---------- ----------
Total current liabilities 279,046 245,234
---------- ----------
Accrued severance pay, net 2,784 2,165
Deferred tax liability 7,305 -
---------- ----------
Total liabilities 289,135 247,399
---------- ----------
Shareholders' Equity:
Share capital 780 747
Additional paid-in capital 369,443 193,662
Deferred stock based compensation (10,342) -
Treasury shares at cost (244,586) -
Retained earnings 1,515,529 1,267,136
---------- ----------
Total shareholders' equity 1,630,824 1,461,545
---------- ----------
Total liabilities and shareholders' equity $1,919,959 $1,708,944
========== ==========
Total cash and cash equivalents, deposits
and marketable securities 1,577,291 1,602,724
========== ==========
CHECK POINT SOFTWARE TECHNOLOGIES LTD.
SELECTED CONSOLIDATED CASH FLOW DATA
(In thousands)
Three Months Ended Year Ended
December 31, December 31,
2004 2003 2004 2003
---------- ---------- ---------- ----------
(unaudited) (unaudited) (unaudited) (unaudited)
Cash flow from
operating activities:
Net income $ 76,444 $ 65,256 $ 248,393 $ 243,879
Adjustments to
reconcile net income
to net cash provided
by operating
activities:
Depreciation and
amortization 1,382 1,250 5,519 5,590
Increase in trade and
other receivables, net (23,233) (10,470) (20,644) (1,440)
Increase in trade
payables and other
accrued liabilities 14,865 13,108 17,868 12,754
Other adjustments 1,409 1,083 1,550 12,450
Amortization of
intangible assets and
deferred stock
compensation 2,782 - 8,851 -
Acquisition related in-
process R&D - - 23,098 -
---------- ---------- ---------- ----------
Net cash provided by
operating activities 73,649 70,227 284,635 273,233
---------- ---------- ---------- ----------
Cash flow from
investing activities:
Cash paid in
conjunction with the
acquisition of Zone
Labs, net - - (95,343) -
Investment in property
and equipment (1,301) (625) (4,632) (2,971)
---------- ---------- ---------- ----------
Net cash used in
investing activities (1,301) (625) (99,975) (2,971)
---------- ---------- ---------- ----------
Cash flow from
financing activities:
Proceeds from issuance
of shares upon
exercise of options 11,004 2,994 34,493 17,710
Purchase of treasury
shares (44,349) - (244,586) -
---------- ---------- ---------- ----------
Net cash provided by
(used in) financing
activities (33,345) 2,994 (210,093) 17,710
---------- ---------- ---------- ----------
Increase (decrease) in
cash and cash
equivalents, deposits
and marketable
securities 39,003 72,596 (25,433) 287,972
Cash and cash
equivalents, deposits
and marketable
securities at the
beginning of the
period 1,538,288 1,530,128 1,602,724 1,314,752
---------- ---------- ---------- ----------
Cash and cash
equivalents, deposits
and marketable
securities at the end
of the period 1,577,291 1,602,724 1,577,291 1,602,724
========== ========== ========== ==========
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