Check Point: the renewal cohort is converting above plan

The transmission is through realised price rather than list price. Discounting happens at the deal level, so realised price per seat captures pricing power that the published price schedule hides entirely. Realised pricing is disclosed indirectly but consistently. Revenue per account rose faster than seat count in each of the last five quarters, which only happens when discounting is narrowing. The position: long on Check Point, entry locked at publication and the exit dated rather than open-ended. The target is stated in the call block above and the horizon with it. Sized to the catalyst rather than to conviction, with the invalidation written into the kill-switch card instead of left implicit. Competitive discounting is the risk that would show up first in realised price. A well-funded competitor buying share would compress the exact metric this argument rests on.