UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM 8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): April
22, 2015
CITRIX SYSTEMS, INC.
(Exact
name of Registrant as specified in its Charter)
Delaware
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0-27084
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75-2275152
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(State or other Jurisdiction of
Incorporation or Organization)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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851 West Cypress Creek Road Fort Lauderdale, Florida 33309
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(Address of Principal Executive Offices) (Zip Code)
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Telephone: (954) 267-3000
(Registrant’s Telephone Number,
Including Area Code)
Not Applicable
(Former Name or
Former Address, If Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Section 2-Financial Information
Item 2.02. Results of Operations and Financial Condition
The information under this Item 2.02, including the Exhibit attached
hereto, is intended to be furnished and shall not be deemed “filed” for
purposes of Section 18 of the Securities Exchange Act of 1934 (the
“Exchange Act”) or otherwise subject to the liabilities of that section,
nor shall it be deemed incorporated by reference in any filing under the
Securities Act of 1933 or the Exchange Act, except as expressly set
forth by specific reference in such filing.
On April 22, 2015, Citrix Systems, Inc. (“Citrix”) issued a press
release regarding its financial results for the quarter ended March 31,
2015. A copy of the press release is attached hereto as Exhibit 99.1
and is incorporated into this Item 2.02 by reference.
Section 9-Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit No.
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Description
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99.1
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Press release dated April 22, 2015 of Citrix Systems, Inc.
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SIGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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Citrix Systems, Inc.
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Dated:
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April 22, 2015
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By:
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/s/ David J. Henshall
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Name:
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David J. Henshall
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Title:
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Executive Vice President, Chief Operating Officer and
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Chief Financial Officer
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Exhibit Index
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Exhibit No.
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Description
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99.1
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Press release dated April 22, 2015 of Citrix Systems, Inc.
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Exhibit 99.1
Citrix
Reports First Quarter Financial Results
Quarterly
revenue of $761 million up 1 percent year over year; Record cash flow
from operations of $292 million
SANTA CLARA, Calif.--(BUSINESS WIRE)--April 22, 2015--Citrix Systems,
Inc. (NASDAQ:CTXS) today reported financial results for the first
quarter of fiscal year 2015 ending March 31, 2015.
Financial Results
For the first quarter of fiscal year 2015, Citrix achieved revenue of
$761 million, compared to $751 million in the first quarter of fiscal
year 2014, representing 1 percent revenue growth.
GAAP Results
Net income for the first quarter of fiscal year 2015 was $29 million, or
$0.18 per diluted share, compared to $56 million, or $0.30 per diluted
share, for the first quarter of fiscal year 2014. GAAP results for the
first quarter of fiscal year 2015 include restructuring charges of $34
million for severance and facility closing costs related to the 2014 and
2015 restructuring programs designed to increase strategic focus and
operational efficiency. The first quarter of fiscal year 2014 GAAP
results included a restructuring charge of approximately $10 million for
severance costs related to the 2014 restructuring program.
Non-GAAP Results
Non-GAAP net income for the first quarter of fiscal year 2015 was $106
million, or $0.65 per diluted share, compared to $119 million, or $0.64
per diluted share for the first quarter of fiscal year 2014. Non-GAAP
net income per diluted share excludes the effects of amortization of
acquired intangible assets, stock-based compensation expenses, charges
related to amortization of debt discount and restructuring programs as
well as a benefit from a previously disclosed patent lawsuit, and the
tax effects related to these items.
"While I'm disappointed in our Q1 results, our confidence in the
financial, operational and strategic initiatives that we announced last
quarter remains strong,” said Mark Templeton, president and CEO for
Citrix. “While these changes position us for our next phase of growth,
they had a greater near-term impact on our execution than we
anticipated. Our commitment to margin expansion, however, remains
unchanged.
“Looking beyond Q1, I'm excited about the innovations I see across our
workspace services, delivery networking and mobility apps businesses.
Through these innovations, we'll continue our focus on enabling the
software-defined workplace.”
Q1 Financial Summary
In reviewing the results for the first quarter of fiscal year 2015
compared to the first quarter of fiscal year 2014:
-
Product and license revenue decreased 12 percent;
-
Software as a service revenue increased 8 percent;
-
Revenue from license updates and maintenance increased 8 percent;
-
Professional services revenue, which is comprised of consulting,
product training and certification, decreased 13 percent;
-
Net revenue increased in the EMEA region by 1 percent and decreased in
the Pacific region by 2 percent and in the Americas region by 1
percent;
-
Deferred revenue totaled $1.5 billion as of March 31, 2015, compared
to $1.4 billion as of March 31, 2014, an increase of 7 percent; and
-
Cash flow from operations was $292 million for the first quarter of
fiscal year 2015, compared with $288 million for the first quarter of
fiscal year 2014.
During the first quarter of fiscal year 2015:
-
GAAP gross margin was 83 percent, and non-GAAP gross margin was 85
percent, which excludes the effects of amortization of acquired
product related intangible assets and stock-based compensation expense;
-
GAAP operating margin was 7 percent, and non-GAAP operating margin was
19 percent, which excludes the effects of amortization of acquired
intangible assets, stock-based compensation expense, costs associated
with the restructuring programs, and the benefit related to a
previously disclosed patent lawsuit; and
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The company repurchased 2.4 million shares at an average price of
$63.12.
Financial Outlook for Second Quarter 2015
Citrix management expects to achieve the following results for the
second quarter of fiscal year 2015 ending June 30, 2015:
-
Net revenue is targeted to be in the range of $785 million to $795
million.
-
GAAP gross margin is targeted to be in the range of 82 percent to 83
percent. Non-GAAP gross margin is targeted to be in the range of 84
percent to 85 percent, which excludes 2 percent related to the effects
of amortization of acquired product related intangible assets and
stock-based compensation expense.
-
GAAP diluted earnings per share is targeted to be in the range of
$0.41 to $0.43. Non-GAAP diluted earnings per share is targeted to be
in the range of $0.80 to $0.83, which excludes $0.24 related to the
effects of stock-based compensation expenses, $0.17 related to the
effects of amortization of acquired intangible assets, $0.08 related
to restructuring charges, $0.05 related to the effects of amortization
of debt discount and $(0.12) to $(0.17) for the tax effects related to
these items.
-
GAAP tax rate is targeted to be in the range of 19 percent to 20
percent. Non-GAAP tax rate, which excludes the effects of amortization
of acquired intangible assets, stock-based compensation expenses,
amortization of debt discount and restructuring charges, is targeted
to be in the range of 23 percent to 24 percent.
Financial Outlook for Fiscal Year 2015
Citrix management expects to achieve the following results for the
fiscal year ending December 31, 2015:
-
Net revenue is targeted to be in the range of $3.22 billion to $3.25
billion.
-
GAAP gross margin is targeted to be in the range of 83 percent to 84
percent. Non-GAAP gross margin is targeted to be in the range of 85
percent to 86 percent, which excludes 2 percent related to the effects
of amortization of acquired product related intangible assets and
stock-based compensation expense.
-
GAAP diluted earnings per share is targeted to be in the range of
$2.04 to $2.10. Non-GAAP diluted earnings per share is targeted to be
in the range of $3.55 to $3.60, which excludes $0.93 related to the
effects of stock-based compensation expenses, $0.68 related to the
effects of amortization of acquired intangible assets, $0.29 related
to restructuring charges, $0.20 related to the effects of amortization
of debt discount, $(0.01) related to a benefit from a previously
disclosed patent lawsuit and $(0.53) to $(0.64) for the tax effects
related to these items.
-
GAAP tax rate is targeted to be in the range of 19 percent to 20
percent. Non-GAAP tax rate, which excludes the effects of amortization
of acquired intangible assets, stock-based compensation expenses,
amortization of debt discount, a benefit from a previously disclosed
patent lawsuit, and restructuring charges, is targeted to be in the
range of 23 percent to 24 percent.
The above statements are based on current targets. These statements are
forward-looking, and actual results may differ materially.
Conference Call Information
Citrix will host a conference call today at 4:45 p.m. ET to discuss its
financial results, quarterly highlights and business outlook. The call
will include a slide presentation, and participants are encouraged to
listen to and view the presentation via webcast at http://www.citrix.com/investors.
The conference call may also be accessed by dialing: (888) 799-0519 or
(706) 634-0155, using passcode: CITRIX. A replay of the webcast can be
viewed for approximately 30 days on the Investor Relations section of
the Citrix corporate website at http://www.citrix.com/investors.
About Citrix
Citrix (NASDAQ:CTXS) is leading the transition to software-defining the
workplace, uniting virtualization, mobility management, networking and
SaaS solutions to enable new ways for businesses and people to work
better. Citrix solutions power business mobility through secure, mobile
workspaces that provide people with instant access to apps, desktops,
data and communications on any device, over any network and cloud. With
annual revenue in 2014 of $3.14 billion, Citrix solutions are in use at
more than 330,000 organizations and by over 100 million users globally.
Learn more at www.citrix.com.
For Citrix Investors
This release contains forward-looking statements which are made pursuant
to the safe harbor provisions of Section 27A of the Securities Act of
1933 and of Section 21E of the Securities Exchange Act of 1934. The
forward-looking statements in this release do not constitute guarantees
of future performance. Investors are cautioned that statements in this
press release, which are not strictly historical statements, including,
without limitation, statements by Citrix's president and chief executive
officer, statements contained in the Financial Outlook for Fiscal Year
2015 and Second Quarter 2015 sections and under the Non-GAAP Financial
Measures Reconciliation section, and statements regarding management's
plans, objectives and strategies, constitute forward-looking statements.
Such forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results to differ materially from
those anticipated by the forward-looking statements, including, without
limitation, the impact of the global economy, foreign exchange rate
volatility and uncertainty in the IT spending environment; the success
and growth of the company's product lines, including competition, demand
and pricing dynamics and other transitions in the markets for Citrix’s
virtualization products and collaboration services; the company’s
ability to develop and commercialize new products and services,
including its enterprise mobility products, while growing its
established virtualization, networking and collaboration products and
services; disruptions to execution due to its restructuring programs,
changes and transitions in key personnel and succession risks; the
introduction of new products by competitors or the entry of new
competitors into the markets for Citrix's products and services; changes
in our revenue mix towards products and services with lower gross
margins; seasonal fluctuations in the company's business; failure to
execute Citrix's sales and marketing plans; failure to successfully
partner with key distributors, resellers, system integrators, service
providers and strategic partners and the company's reliance on and the
success of those partners for the marketing and distribution of the
company's products; the company's ability to maintain and expand its
business in small sized and large enterprise accounts; the size, timing
and recognition of revenue from significant orders; the success of
investments in its product groups, foreign operations and vertical and
geographic markets; the ability of Citrix to make suitable acquisitions
on favorable terms in the future; risks associated with Citrix's
acquisitions, including failure to further develop and successfully
market the technology and products of acquired companies, failure to
achieve or maintain anticipated revenues and operating performance
contributions from acquisitions, which could dilute earnings, the
retention of key employees from acquired companies, difficulties and
delays integrating personnel, operations, technologies and products,
disruption to our ongoing business and diversion of management's
attention from our ongoing business; the recruitment and retention of
qualified employees; risks in effectively controlling operating
expenses, including failure to achieve anticipated cost savings from the
restructuring programs and other cost reduction initiatives; ability to
effectively manage our capital structure and the impact of related
changes on our operating results and financial condition; the effect of
new accounting pronouncements on revenue and expense recognition; the
risks associated with securing data and maintaining security of our
networks and customer data stored by our services; failure to comply
with federal, state and international regulations; litigation and
disputes, including challenges to our intellectual property rights or
allegations of infringement of the intellectual property rights of
others; the inability to further innovate our technology or enter into
new businesses due to the intellectual property rights of others;
changes in the company's pricing and licensing models, promotional
programs and product mix, all of which may impact Citrix's revenue
recognition; charges in the event of a write-off or impairment of
acquired assets, underperforming businesses, investments or licenses;
international market readiness, execution and other risks associated
with the markets for Citrix's products and services; unanticipated
changes in tax rates, non-renewal of tax credits or exposure to
additional tax liabilities; risks of political and social turmoil; and
other risks detailed in the company's filings with the Securities and
Exchange Commission. Citrix assumes no obligation to update any
forward-looking information contained in this press release or with
respect to the announcements described herein.
Citrix® is a trademarks or registered trademarks of Citrix Systems, Inc.
and/or one or more of its subsidiaries, and may be registered in the
U.S. Patent and Trademark Office and in other countries. All other
trademarks and registered trademarks are property of their respective
owners.
CITRIX SYSTEMS, INC.
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Condensed Consolidated Statements of Income
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(In thousands, except per share data - unaudited)
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Three Months Ended
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March 31,
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2015
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2014
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Revenues:
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Product and licenses
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$183,281
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$207,424
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Software as a service
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169,364
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157,132
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License updates and maintenance
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371,297
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343,758
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Professional services
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36,860
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42,505
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Total net revenues
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760,802
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750,819
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Cost of net revenues:
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Cost of product and licenses revenues
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24,684
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31,337
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Cost of services and maintenance revenues
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89,190
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78,683
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Amortization of product related intangible assets
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18,732
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24,306
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Total cost of net revenues
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132,606
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134,326
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Gross margin
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628,196
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616,493
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Operating expenses:
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Research and development
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144,641
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133,618
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Sales, marketing and services
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306,405
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316,496
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General and administrative
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82,026
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72,388
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Amortization of other intangible assets
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9,441
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12,454
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Restructuring
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33,951
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9,650
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Total operating expenses
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576,464
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544,606
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Income from operations
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51,732
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71,887
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Interest income
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2,834
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2,153
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Interest expense
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11,120
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66
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Other expense, net
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(7,849)
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(5,219)
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Income before income taxes
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35,597
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68,755
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Income tax expense
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6,710
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12,816
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Net income
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$28,887
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$55,939
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Earnings per common share – diluted
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$0.18
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$0.30
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Weighted average shares outstanding – diluted
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162,036
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185,681
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CITRIX SYSTEMS, INC.
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Condensed Consolidated Balance Sheets
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(In thousands - unaudited)
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March 31, 2015
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December 31, 2014
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ASSETS:
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Cash and cash equivalents
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$402,933
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$260,149
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Short-term investments
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580,386
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529,260
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Accounts receivable, net
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438,177
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674,401
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Inventories, net
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12,024
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12,617
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Prepaid expenses and other current assets
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186,222
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166,005
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Current portion of deferred tax assets, net
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48,914
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45,892
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Total current assets
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1,668,656
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1,688,324
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Long-term investments
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986,295
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1,073,110
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Property and equipment, net
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373,384
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367,779
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Goodwill
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1,858,080
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1,796,851
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Other intangible assets, net
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411,469
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390,717
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Long-term portion of deferred tax assets, net
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81,680
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128,198
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Other assets
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75,072
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|
67,028
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Total assets
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$5,454,636
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$5,512,007
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LIABILITIES AND STOCKHOLDERS’ EQUITY:
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Accounts payable
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81,109
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79,884
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Accrued expenses and other current liabilities
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275,834
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298,079
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Income taxes payable
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6,768
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12,053
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Short-term debt
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95,000
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-
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Current portion of deferred revenues
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1,175,227
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1,200,093
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Total current liabilities
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1,633,938
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1,590,109
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Long-term portion of deferred revenues
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340,794
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357,771
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Convertible notes
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1,300,872
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1,292,953
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Other liabilities
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78,701
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97,529
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Stockholders’ equity:
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Common stock
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296
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295
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Additional paid-in capital
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4,340,836
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4,292,706
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Retained earnings
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3,184,151
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3,155,264
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Accumulated other comprehensive loss
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(35,972)
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(36,790)
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Less – common stock in treasury, at cost
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(5,388,980)
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(5,237,830)
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Total stockholders’ equity
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2,100,331
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2,173,645
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Total liabilities and stockholders’ equity
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$5,454,636
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$5,512,007
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CITRIX SYSTEMS, INC.
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Condensed Consolidated Statement of Cash Flows
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(In thousands – unaudited)
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Three Months Ended
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March 31, 2015
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OPERATING ACTIVITIES
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Net Income
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$28,887
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Adjustments to reconcile net income to net cash provided by
operating activities:
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Depreciation of property and equipment and amortization of
intangible assets
amortization of intangible assets
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65,179
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Amortization of debt discount and transaction costs
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8,902
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Stock-based compensation expense
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34,211
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Provision for accounts receivable allowances
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1,699
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Deferred income tax benefit
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(19,013)
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Other non-cash items
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640
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Effects of exchange rate changes on monetary assets and liabilities
denominated in foreign currencies
liabilities demo
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10,007
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Total adjustments to reconcile net income to net cash
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101,625
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provided by operating activities
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Changes in operating assets and liabilities, net of the effects of
acquisitions:
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Accounts receivable
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231,034
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Inventory
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319
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Prepaid expenses and other current assets
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(7,313)
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Other assets
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(9,185)
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Deferred revenues
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(41,840)
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Accounts payable
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1,883
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Income taxes, net
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19,072
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Accrued expenses and other current liabilities
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(34,405)
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Other liabilities
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1,794
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Total changes in operating assets and liabilities, net of the
effects of acquisitions
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161,359
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Net cash provided by operating activities
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291,871
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INVESTING ACTIVITIES
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Proceeds from available-for-sale investments, net
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37,853
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Purchases of property and equipment
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(44,091)
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Cash paid for acquisitions, net of cash acquired
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(89,467)
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Purchases of cost method investments
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(737)
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Cash paid for licensing and core technology
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(2,082)
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Net cash used in investing activities
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(98,524)
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FINANCING ACTIVITIES
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Proceeds from issuance of common stock under stock-based
compensation plans
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8,413
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Proceeds from revolving credit facility
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95,000
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Repayment of acquired debt
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(3,175)
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Excess tax benefit from stock-based compensation
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|
1,151
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Stock repurchases, net
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|
(124,928)
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Cash paid for tax withholding on vested stock awards
|
|
(19,394)
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Net cash used in financing activities
|
|
(42,933)
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
(7,630)
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Change in cash and cash equivalents
|
|
142,784
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Cash and cash equivalents at beginning of period
|
|
260,149
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Cash and cash equivalents at end of period
|
|
$402,933
|
Reconciliation of Non-GAAP Financial Measures to Comparable U.S. GAAP
Measures
(Unaudited)
Pursuant to the requirements of Regulation G, the Company has provided a
reconciliation of each non-GAAP financial measure used in this earnings
release to the most directly comparable GAAP financial measure. These
measures differ from GAAP in that they exclude amortization primarily
related to acquired intangible assets and debt discount, stock-based
compensation expenses, charges associated with the Company’s
restructuring programs, significant litigation charges or benefits and
the related tax effect of those items. The Company's basis for these
adjustments is described below.
Management uses these non-GAAP measures for internal reporting and
forecasting purposes, when publicly providing its business outlook, to
evaluate the Company's performance and to evaluate and compensate the
Company's executives. The Company has provided these non-GAAP financial
measures in addition to GAAP financial results because it believes that
these non-GAAP financial measures provide useful information to certain
investors and financial analysts for comparison across accounting
periods not influenced by certain non-cash items that are not used by
management when evaluating the Company's historical and prospective
financial performance. In addition, the Company has historically
provided this or similar information and understands that some investors
and financial analysts find this information helpful in analyzing the
Company's operating margins, operating expenses and net income and
comparing the Company's financial performance to that of its peer
companies and competitors.
Management typically excludes the amounts described above when
evaluating the Company's operating performance and believes that the
resulting non-GAAP measures are useful to investors and financial
analysts in assessing the Company's operating performance due to the
following factors:
• The Company does not acquire businesses on a predictable cycle. The
Company, therefore, believes that the presentation of non-GAAP measures
that adjust for the impact of amortization and certain stock-based
compensation expenses and the related tax effects that are primarily
related to acquisitions, provide investors and financial analysts with a
consistent basis for comparison across accounting periods and,
therefore, are useful to investors and financial analysts in helping
them to better understand the Company's operating results and underlying
operational trends.
• Amortization costs and the related tax effects are fixed at the time
of an acquisition, are then amortized over a period of several years
after the acquisition and generally cannot be changed or influenced by
management after the acquisition.
• Although stock-based compensation is an important aspect of the
compensation of the Company's employees and executives, stock-based
compensation expense is generally fixed at the time of grant, then
amortized over a period of several years after the grant of the
stock-based instrument, and generally cannot be changed or influenced by
management after the grant.
• Under GAAP, certain convertible debt instruments that may be settled
in cash on conversion are required to be accounted for as separate
liability (debt) and equity (conversion option) components in a manner
that reflects the issuer’s non-convertible debt borrowing rate. The
difference between the imputed interest expense and the coupon interest
expense, net of the interest amount capitalized, is excluded from
management’s assessment of the company’s operating performance because
management believes that the exclusion of these charges will better help
investors and financial analysts understand the Company's operating
results and underlying operational trends.
• The charges incurred in conjunction with the Company's restructuring
programs, which relate to reductions in headcount and the consolidation
of leased facilities, are not anticipated to be ongoing costs; and,
thus, are outside of the normal operations of the Company's business.
The Company, therefore, believes that the exclusion of these charges
will better help investors and financial analysts understand the
Company's operating results and underlying operational trends as
compared to prior periods.
• Charges or benefits related to significant litigation are not
anticipated to be ongoing costs; and, thus, are outside of the normal
operations of the Company's business. These charges or benefits are
recorded in the period when it is probable a liability had been incurred
and the amount of loss can be reasonably estimated even though the
subject matter of the underlying dispute may relate to multiple or
different periods. As such, the Company believes that these expenses do
not accurately reflect the underlying performance of continuing
operations for the period in which they are incurred.
These non-GAAP financial measures are not prepared in accordance with
accounting principles generally accepted in the United States ("GAAP")
and may differ from the non-GAAP information used by other companies.
There are significant limitations associated with the use of non-GAAP
financial measures. The additional non-GAAP financial information
presented here should be considered in conjunction with, and not as a
substitute for or superior to, the financial information presented in
accordance with GAAP (such as net income and earnings per share) and
should not be considered measures of the Company's liquidity.
Furthermore, the Company in the future may exclude amortization
primarily related to newly acquired intangible assets and debt discount,
additional charges related to its restructuring programs, significant
litigation charges or benefits and the related tax effects from
financial measures that it releases, and the Company expects to continue
to incur stock-based compensation expenses.
CITRIX SYSTEMS, INC.
Non-GAAP Financial Measures Reconciliation
(In thousands, except per share, gross margin and operating margin data
- unaudited)
The following tables show the non-GAAP financial measures used in this
press release reconciled to the most directly comparable GAAP financial
measures.
|
|
Three Months Ended March 31, 2015
|
GAAP gross margin
|
|
82.6%
|
Add: stock-based compensation
|
|
0.1
|
Add: amortization of product related intangible assets
|
|
2.4
|
Non-GAAP gross margin
|
|
85.1%
|
|
|
Three Months Ended March 31, 2015
|
GAAP operating margin
|
|
6.8%
|
Add: stock-based compensation
|
|
4.5
|
Add: amortization of product related intangible assets
|
|
2.4
|
Add: amortization of other intangible assets
|
|
1.2
|
Add: restructuring charges
|
|
4.5
|
Less: previously disclosed patent lawsuit benefit
|
|
(0.1)
|
Non-GAAP operating margin
|
|
19.3%
|
|
|
Three Months Ended March 31,
|
|
|
2015
|
2014
|
GAAP net income
|
|
$28,887
|
$55,939
|
Add: stock-based compensation
|
|
34,211
|
40,701
|
Add: amortization of product related intangible assets
|
|
18,732
|
24,306
|
Add: amortization of other intangible assets
|
|
9,441
|
12,454
|
Add: amortization of debt discount
|
|
7,920
|
-
|
Add: restructuring charges
|
|
33,951
|
9,650
|
Less: previously disclosed patent lawsuit benefit
|
|
(982)
|
-
|
Less: tax effects related to above items
|
|
(26,285)
|
(24,139)
|
Non-GAAP net income
|
|
$105,875
|
$118,911
|
|
|
Three Months Ended March 31,
|
|
|
2015
|
2014
|
GAAP earnings per share – diluted
|
|
$0.18
|
$0.30
|
Add: stock-based compensation
|
|
0.21
|
0.22
|
Add: amortization of product related intangible assets
|
|
0.12
|
0.13
|
Add: amortization of other intangible assets
|
|
0.06
|
0.07
|
Add: amortization of debt discount
|
|
0.05
|
-
|
Add: restructuring charges
|
|
0.21
|
0.05
|
Less: previously disclosed patent lawsuit benefit
|
|
(0.01)
|
-
|
Less: tax effects related to above items
|
|
(0.17)
|
(0.13)
|
Non-GAAP earnings per share – diluted
|
|
$0.65
|
$0.64
|
Forward Looking Guidance
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2015
|
|
Twelve Months Ended
December 31, 2015
|
GAAP gross margin
|
|
81.6% to 82.6%
|
|
82.7% to 83.7%
|
Add: stock-based compensation
|
|
2.3
|
|
2.2
|
Add: amortization of product related intangible assets
|
|
0.1
|
|
0.1
|
Non-GAAP gross margin
|
|
84.0% to 85.0%
|
|
85.0% to 86.0%
|
|
|
For the Three Months Ended June 30,
|
|
For the Twelve Months Ended December 31,
|
|
|
2015
|
|
2015
|
GAAP earnings per share – diluted
|
|
$0.41 to $0.43
|
|
$2.04 to $2.10
|
Add: adjustments to exclude the effects of amortization of
intangible assets
|
|
0.17
|
|
0.68
|
Add: adjustments to exclude the effects of expenses related to
stock-based compensation
|
|
0.24
|
|
0.93
|
Add: adjustments to exclude the effects of amortization of debt
discount
|
|
0.05
|
|
0.20
|
Add: adjustments to exclude the effects of restructuring charges
|
|
0.08
|
|
0.29
|
Less: previously disclosed patent lawsuit benefit
|
|
-
|
|
(0.01)
|
Less: tax effects related to above items
|
|
(0.12) to (0.17)
|
|
(0.53) to (0.64)
|
Non-GAAP earnings per share – diluted
|
|
$0.80 to $0.83
|
|
$3.55 to $3.60
|
|
|
For the Three Months Ended June 30,
|
|
For the Twelve Months Ended December 31,
|
|
|
2015
|
|
2015
|
GAAP tax rate
|
|
19.0% - 20.0%
|
|
19.0% - 20.0%
|
Add: tax effects of stock-based compensation, amortization of
intangible assets, amortization of debt discount, previously
disclosed patent lawsuit benefit and restructuring charges
|
|
3.0
|
|
3.0
|
Non-GAAP tax rate
|
|
23.0% - 24.0%
|
|
23.0% - 24.0%
|
CONTACT:
Citrix Systems, Inc.
For media inquiries, contact:
Eric
Armstrong, 954-267-2977
eric.armstrong@citrix.com
or
For
investor inquiries, contact:
Eduardo Fleites, 954-229-5758
eduardo.fleites@citrix.com
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