J.P. Morgan Global TMC Conference Daily Wrap-Ups and Summaries (Day 3)

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J.P. Morgan Global TMC Conference Daily Wrap-Ups and Summaries (Day 3)

J P M O R G A N North America Equity Research

20 May 2026

Check Point Software Overweight

CHKP, CHKP US

J.P. Morgan TMC Conference Takeaways Price (19 May 26):$125.98

Software - Large Cap / Mid & Small

Cap

Brian Essex, CFA AC

Today we hosted Check Point CFO Roei Golan, Chief Revenue Officer Sherif (1-212) 622-5990

brian.essex@jpmchase.com

Seddik, and Head of IR Kip Meintzer at our 54th annual TMC conference in

John Lee

Boston, MA. We highlight some main takeaways below.

(1-212) 622-6064

john.h.lee@jpmorgan.com

GTM restructuring largely complete, with pipeline generation inflecting

Alex Isaac

positively. CHKP implemented a comprehensive go-to-market restructuring in (1-212) 622-9159

January, resulting in roughly one-third of employees moving into new roles alex.isaac@jpmorgan.com

(approximately 50/50 internal reshuffling vs. external hires). The restructuring J.P. Morgan Securities LLC

focused on three objectives: 1) putting resources toward large enterprise customers

and new logo acquisition, 2) separating renewal and customer success coverage

from account managers to increase new business focus, and 3) shifting resources

toward marketing and partner programs to scale more efficiently. Pipeline

generation was meaningfully disrupted in January, particularly on firewall net new

business, with gradual recovery beginning in February and further improvement

through March and April on a y/y basis. New logo pipeline is growing faster than

overall pipeline, and funnel activity is increasing across the product portfolio.

Management indicated the company has exited the disruption phase and expects

smooth execution by the end of 2Q, with firewall product revenue returning to

growth in 2H.