Second quarter GAAP operating margin of 15
percent; non-GAAP operating margin of 25 percent
Second quarter GAAP diluted EPS of $0.64;
non-GAAP diluted EPS of $1.00
Forms Operations Committee to support
operational review
Commences exploration of strategic alternatives
for GoTo family of products
Citrix Systems, Inc. (NASDAQ:CTXS) today reported financial
results for the second quarter of fiscal year 2015 ending June 30,
2015, as well as key operational initiatives.
Financial Results
For the second quarter of fiscal year 2015, Citrix achieved
revenue of $797 million, compared to $782 million in the second
quarter of fiscal year 2014, representing 2 percent revenue
growth.
GAAP Results
Net income for the second quarter of fiscal year 2015 was $103
million, or $0.64 per diluted share, compared to $53 million, or
$0.31 per diluted share, for the second quarter of fiscal year
2014. GAAP net income includes net tax benefits of approximately
$21 million, or $0.13 per diluted share, for the second quarter of
fiscal year 2015 and approximately $9 million, or $0.05 per diluted
share, for the second quarter of fiscal year 2014 primarily related
to the closing of audits with the IRS for certain tax years. In
addition, GAAP results for the second quarter of fiscal year 2015
include restructuring charges of $15 million for severance and
facility closing costs related to the 2015 restructuring program.
The second quarter of fiscal year 2014 GAAP results included
impairment charges of approximately $30 million related to certain
intangible assets, which are included in amortization of product
related intangible assets, and restructuring charges of
approximately $5 million for severance costs related to the 2014
restructuring program.
Non-GAAP Results
Non-GAAP net income for the second quarter of fiscal year 2015
was $163 million, or $1.00 per diluted share, compared to $142
million, or $0.83 per diluted share for the second quarter of
fiscal year 2014. Non-GAAP net income includes net tax benefits of
approximately $21 million, or $0.13 per diluted share, for the
second quarter of fiscal year 2015 and approximately $9 million, or
$0.05 per diluted share, for the second quarter of fiscal year 2014
primarily related to the closing of audits with the IRS for certain
tax years. 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, charges related to restructuring programs, and the tax
effects related to these items.
“We are starting to see the benefits of the restructuring
actions we took at the start of 2015 in terms of margin expansion,”
said Mark Templeton, president and chief executive officer for
Citrix. “Through the additional actions we are announcing today,
we're taking steps to ensure that we are focusing all of our energy
on our core secure app delivery offerings and setting the company
up for even better execution, greater efficiency
and profitable growth.”
Forms Operations Committee to Support Operational
Review
Citrix also today announced that its board of directors has
formed an Operations Committee. The committee will be led by
current board member Robert Calderoni, who will work closely with
Mr. Templeton and the company’s management team in a comprehensive
review of its operations and capital structure, building upon the
company’s previously announced initiatives to drive operating
margin expansion through simplification, efficiency and portfolio
refinements. Citrix intends to announce the committee’s findings
once its initial review has been completed and will provide updates
thereafter.
As part of this initiative, Mr. Calderoni has been appointed
executive chairman of the board, effective immediately, and Thomas
Bogan will assume the role of lead independent director.
Commences Exploration of Strategic Alternatives for GoTo
Family of Products
In addition, Citrix, with the assistance of its independent
advisors, has initiated a review of strategic alternatives for the
company’s GoTo family of products. The strategic alternatives
review for this business could result in, among other things, a
possible sale or spin-off transaction.
Qatalyst Partners and Goldman, Sachs & Co. are serving as
financial advisors to Citrix and Goodwin Procter LLP is serving as
legal counsel.
The company also announced that earlier this year it engaged a
financial advisor to provide strategic advice related to a
potential sale of its ByteMobile business. Citrix is currently in
active discussions with third parties regarding a potential
sale.
Q2 Financial Summary
In reviewing the results for the second quarter of fiscal year
2015 compared to the second quarter of fiscal year 2014:
- Product and license revenue decreased
12 percent;
- Software as a service revenue increased
11 percent;
- Revenue from license updates and
maintenance increased 9 percent;
- Professional services revenue, which is
comprised of consulting, product training and certification,
decreased 12 percent;
- Excluding software as a service, net
revenue increased in the Americas region by 1 percent, remained
consistent in the EMEA region and decreased in the Pacific region
by 8 percent;
- Deferred revenue totaled $1.5 billion
as of June 30, 2015, compared to $1.4 billion as of June 30, 2014,
an increase of 8 percent;
- GAAP operating margin increased from 7
percent to 15 percent; Non-GAAP operating margin increased from 22
percent to 25 percent; and,
- Cash flow from operations was $201
million for the second quarter of fiscal year 2015, compared with
$204 million for the second quarter of fiscal year 2014.
During the second quarter of fiscal year 2015:
- GAAP gross margin was 83 percent, and
non-GAAP gross margin was 86 percent, which excludes the effects of
amortization of acquired product related intangible assets and
stock-based compensation expense;
- GAAP operating margin was 15 percent,
and non-GAAP operating margin was 25 percent, which excludes the
effects of amortization of acquired intangible assets, stock-based
compensation expense, and costs associated with the restructuring
programs.
- The company repurchased 0.7 million
shares at an average price of $66.33.
Financial Outlook for Third Quarter 2015
Citrix management expects to achieve the following results for
the third quarter of fiscal year 2015 ending September 30,
2015:
- Net revenue is targeted to be in the
range of $780 million to $790 million.
- GAAP diluted earnings per share is
targeted to be in the range of $0.46 to $0.49. Non-GAAP diluted
earnings per share is targeted to be in the range of $0.83 to
$0.85, which excludes $0.23 related to the effects of stock-based
compensation expenses, $0.20 related to the effects of amortization
of acquired intangible assets, $0.02 related to restructuring
charges, $0.05 related to the effects of amortization of debt
discount and $(0.11) to $(0.16) for the tax effects related to
these items.
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 diluted earnings per share is
targeted to be in the range of $2.11 to $2.20. Non-GAAP diluted
earnings per share is targeted to be in the range of $3.65 to
$3.75, which excludes $0.87 related to the effects of stock-based
compensation expenses, $0.74 related to the effects of amortization
of acquired intangible assets, $0.33 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 $(0.49) to $(0.68) for the tax effects related
to these items.
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, business
outlook and other items announced today. 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 400,000 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 Third Quarter 2015 sections and under the Non-GAAP
Financial Measures Reconciliation section, statements related to
Citrix’s exploration of strategic alternatives regarding the GoTo
family of products, statements related to Citrix’s potential sale
of its ByteMobile business, statements concerning the formation of
an Operations Committee of the Board of Directors of Citrix and its
review of operations and capital structure, 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; the uncertainty as to which strategic alternatives
may be available with respect to the GoTo family of products,
whether any transaction will be commenced or completed, and the
timing and value of any such transaction; the uncertainty as to a
potential sale of the ByteMobile business, whether such sale will
be completed, and the timing and value of any such sale
transaction; disruptions to execution due to Citrix’s restructuring
programs and operational review, review of strategic alternatives
with respect to the GoTo family of products, potential sale of the
ByteMobile business and changes and transitions in key personnel
and succession risk; risks associated with the on-going CEO
succession process; 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, the planned review by the Operations Committee of the
Board of Directors 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; risks and
costs associated with engaging with activist stockholders; 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.
Condensed Consolidated Statements of
Income
(In thousands, except per share data -
unaudited)
Three Months Ended Six Months Ended June
30, June 30, 2015 2014
2015 2014 Revenues: Product and
licenses $204,974 $231,792 $388,255 $439,216 Software as a service
177,584 160,779 346,948 317,911 License updates and maintenance
377,161 347,041 748,458 690,799 Professional services 37,040
41,948 73,900 84,453
Total net revenues 796,759 781,560 1,557,561 1,532,379 Cost
of net revenues: Cost of product and licenses revenues 24,290
32,762 48,974 64,099 Cost of services and maintenance revenues
89,733 88,099 178,923 166,782 Amortization of product related
intangible assets 18,728 54,395 37,460
78,701 Total cost of net revenues 132,751
175,256 265,357 309,582 Gross margin 664,008 606,304 1,292,204
1,222,797 Operating expenses: Research and development
140,203 140,375 284,844 273,993 Sales, marketing and services
296,258 321,539 602,663 638,035 General and administrative 79,872
75,015 161,898 147,403 Amortization of other intangible assets
10,992 10,445 20,433 22,899 Restructuring 14,534
4,511 48,485 14,161 Total
operating expenses 541,859 551,885
1,118,323 1,096,491 Income from
operations 122,149 54,419 173,881 126,306 Interest income
2,841 2,141 5,675 4,294 Interest expense 11,001 6,984 22,121 7,050
Other (expense) income, net (3,262 ) 1,452
(11,111 ) (3,767 ) Income before income taxes 110,727 51,028
146,324 119,783 Income tax expense (benefit) 7,452
(1,996 ) 14,162 10,820 Net
income $103,275 $53,024 $132,162
$108,963 Earnings per common share – diluted
$0.64 $0.31 $0.82 $0.61
Weighted average shares outstanding – diluted 162,027
170,891 161,674 178,246
CITRIX SYSTEMS, INC.
Condensed Consolidated Balance
Sheets
(In thousands - unaudited)
June 30, 2015
December 31, 2014
ASSETS: Cash and cash equivalents $362,313 $260,149
Short-term investments 510,178 529,260 Accounts receivable, net
500,976 674,401 Inventories, net 12,708 12,617 Prepaid expenses and
other current assets 154,990 166,005 Current portion of deferred
tax assets, net 48,118 45,892 Total current
assets 1,589,283 1,688,324 Long-term investments 972,909
1,073,110 Property and equipment, net 370,767 367,779 Goodwill
1,958,022 1,796,851 Other intangible assets, net 460,538 390,717
Long-term portion of deferred tax assets, net 80,336 128,198 Other
assets 70,120 67,028 Total assets $5,501,975
$5,512,007
LIABILITIES AND
STOCKHOLDERS’ EQUITY: Accounts payable 81,966 79,884 Accrued
expenses and other current liabilities 262,504 298,079 Income taxes
payable 3,716 12,053 Current portion of deferred revenues 1,176,132
1,290,093 Total current liabilities 1,524,318
1,590,109 Long-term portion of deferred revenues 363,412
357,771 Convertible notes 1,308,852 1,292,953 Other liabilities
80,558 97,529 Stockholders’ equity: Common stock 297 295
Additional paid-in capital 4,404,630 4,292,706 Retained earnings
3,287,426 3,155,264 Accumulated other comprehensive loss (29,236 )
(36,790 ) Less – common stock in treasury, at cost (5,438,282 )
(5,237,830 ) Total stockholders’ equity 2,224,835
2,173,645 Total liabilities and stockholders’ equity
$5,501,975 $5,512,007
CITRIX SYSTEMS, INC.
Condensed Consolidated Statement of
Cash Flows
(In thousands – unaudited)
Six Months Ended June 30, 2015 OPERATING
ACTIVITIES Net Income $132,162 Adjustments to reconcile net
income to net cash provided by operating activities:
Depreciation, amortization and other
amortization of intangible assets
150,960 Stock-based compensation expense 65,003 Excess tax benefit
from stock-based compensation (1,924 ) Deferred income tax benefit
(5,554 ) Other non-cash items 8,335
Effects of exchange rate changes on
monetary assets and liabilities denominated in foreign currencies
liabilities demo
9,318
Total adjustments to reconcile net income
to net cash provided by operating activities
226,138
Changes in operating assets and liabilities, net of the effects of
acquisitions: Accounts receivable 168,851 Inventories (771 )
Prepaid expenses and other current assets (3,381 ) Other assets
(6,023 ) Deferred revenues (18,319 ) Accounts payable 38 Income
taxes, net 8,380 Accrued expenses and other current liabilities
(20,082 ) Other liabilities 6,025 Total changes in operating
assets and liabilities, net of the effects of acquisitions 134,718
Net cash provided by operating activities 493,018
INVESTING ACTIVITIES Proceeds from available-for-sale
investments, net 119,402 Purchases of property and equipment
(80,005 ) Cash paid for acquisitions, net of cash acquired (251,184
) Purchases of cost method investments (1,058 ) Cash paid for
licensing and core technology (9,334 ) Net cash used in investing
activities (222,179 )
FINANCING ACTIVITIES Proceeds from
issuance of common stock under stock-based compensation plans
43,419 Proceeds from revolving credit facility 95,000 Repayment of
revolving credit facility (95,000 ) Repayment of acquired debt
(7,569 ) Excess tax benefit from stock-based compensation 1,924
Stock repurchases, net (172,132 ) Cash paid for tax withholding on
vested stock awards (28,321 ) Net cash used in financing activities
(162,679 ) Effect of exchange rate changes on cash and cash
equivalents (5,996 ) Change in cash and cash equivalents 102,164
Cash and cash equivalents at beginning of period 260,149
Cash and cash equivalents at end of period $362,313
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 June 30, 2015 GAAP gross
margin 83.3% Add: stock-based compensation 0.1 Add: amortization of
product related intangible assets 2.4 Non-GAAP gross margin 85.8%
Three MonthsEndedJune 30,
2015
Three MonthsEndedJune 30,
2014
GAAP operating margin 15.3% 7.0% Add: stock-based compensation 3.9
5.8 Add: amortization of product related intangible assets 2.4 6.9
Add: amortization of other intangible assets 1.4 1.3 Add:
restructuring charges 1.8 0.6 Non-GAAP
operating margin 24.8% 21.6%
Three Months Ended June 30, 2015
2014 GAAP net income $103,275
$53,024 Add: stock-based compensation 30,792 45,289 Add:
amortization of product related intangible assets 18,728 54,395
Add: amortization of other intangible assets 10,992 10,445 Add:
amortization of debt discount 7,980 5,169 Add: restructuring
charges 14,534 4,511 Less: tax effects related to above items
(23,568 ) (30,901 ) Non-GAAP net income
$162,733 $141,932
Three Months Ended June 30, 2015
2014 GAAP earnings per share – diluted $0.64
$0.31 Add: stock-based compensation 0.19 0.26 Add: amortization of
product related intangible assets 0.11 0.32 Add: amortization of
other intangible assets 0.07 0.06 Add: amortization of debt
discount 0.05 0.03 Add: restructuring charges 0.09 0.03 Less: tax
effects related to above items (0.15 ) (0.18 )
Non-GAAP earnings per share – diluted $1.00
$0.83
Forward Looking Guidance
For the ThreeMonths
EndedSeptember 30,
For the TwelveMonths
EndedDecember 31,
2015 2015 GAAP earnings per share –
diluted $0.46 to $0.49 $2.11 to $2.20 Add: adjustments to exclude
the effects of amortization of intangible assets 0.20 0.74 Add:
adjustments to exclude the effects of expenses related to
stock-based compensation 0.23 0.87 Add: adjustments to exclude the
effects of amortization of debt discount 0.05 0.20 Add: adjustments
to exclude the effects of restructuring charges 0.02 0.33 Less:
previously disclosed patent lawsuit benefit - (0.01) Less: tax
effects related to above items (0.11) to (0.16)
(0.49) to (0.68) Non-GAAP earnings per share – diluted $0.83 to
$0.85 $3.65 to $3.75
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150728006614/en/
Citrix Systems, Inc.For media inquiries, contact:Eric Armstrong,
954-267-2977eric.armstrong@citrix.comorFor investor inquiries,
contact:Eduardo Fleites, 954-229-5758eduardo.fleites@citrix.com
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