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):
November
17, 2015
_________________________
CITRIX SYSTEMS, INC.
(Exact
Name of Registrant as Specified in Charter)
Delaware
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0-27084
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75-2275152
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(State or Other
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(Commission
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(IRS Employer
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Jurisdiction of
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File Number)
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Identification No.)
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Incorporation)
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851 West Cypress Creek Road
Fort Lauderdale, Florida
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33309
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant’s telephone number, including area code: (954)
267-3000
_________________________
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 (see General Instructions A.2.):
⃞
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))
Item 2.05 Costs Associated with Exit or Disposal Activities.
On November 17, 2015, Citrix Systems, Inc. (the “Company”) announced the
implementation of a restructuring program that will focus on
simplification of the Company’s enterprise go-to-market motion and roles
while improving coverage, reflect changes in the Company’s product
focus, and balance resources with demand across the Company’s marketing,
general and administration areas (the “Restructuring Program”). The
Restructuring Program will affect about 1,000 full-time and contractor
positions.
The Company currently expects to record in the aggregate approximately
$65 million to $85 million in pre-tax restructuring charges associated
with the Restructuring Program. All of these charges are related to
employee severance arrangements and substantially all of these charges
will result in cash expenditures. The Company currently anticipates
completing the activities related to the Restructuring Program during
the fourth quarter of fiscal year 2015 and during fiscal year 2016.
Item 7.01 Regulation FD Disclosure.
The information under this Item 7.01, including the Exhibits 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 November 17, 2015, the Company issued a press release announcing its
plan to spinoff the Company’s GoTo family of products into a separate,
publicly traded company. A copy of the press release is attached hereto
as Exhibit 99.2 and is incorporated into this Item 7.01 by reference.
In addition, on November 17, 2015, the Company issued a press release
regarding the results of its previously announced operations review. A
copy of the press release is attached hereto as Exhibit 99.1 and is
incorporated into this Item 7.01 by reference.
Item 8.01 Other Events.
On November 17, 2015, the Company announced a plan to spinoff the
Company’s GoTo family of products into a separate, publicly traded
company. The company established as a result of the spinoff will be
made up of the following products and services: GoToAssist, GoToAssist
Corporate, GoToMeeting, GoToMyPC, GoToTraining, GoToWebinar Grasshopper
and OpenVoice. The proposed separation, which is intended to be a
tax-free spinoff to the Company’s stockholders, is expected to be
completed in the second half of 2016. Upon completion of the separation,
Chris Hylen, who currently serves as the Company’s Senior Vice President
and General Manager of the Citrix Mobility Apps Business Unit, will
serve as Chief Executive Officer of the new company. The spinoff is
subject to customary closing conditions and final approval by the Board
of Directors of the Company.
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 November 17, 2015 of Citrix Systems, Inc.
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99.2*
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Press release dated November 17, 2015 of Citrix Systems, Inc.
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* Furnished herewith.
This report 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.
Investors are cautioned that statements in this report, which are not
strictly historical statements, including, without limitation,
statements regarding the completion and timing of the proposed spinoff,
the future performance of core Citrix and the GoTo businesses on a
standalone basis if the spinoff is completed, the expected strategic,
operational and competitive benefits of the proposed spinoff, and the
effect of the separation on Citrix, its shareholders, customers,
partners and employees, and the estimated cost and timing associated
with the restructuring program, constitute forward-looking statements.
The forward looking statements in this report are not guarantees of
future performance. Those statements involve a number of factors that
could cause actual results to differ materially, including risks
associated with the failure to satisfy any conditions or otherwise
complete the proposed spinoff, timing of the proposed spinoff,
disruptions to execution due to the proposed spinoff and the
restructuring program, risks in effectively controlling operating
expenses, including failure to achieve anticipated cost savings from the
restructuring program and other cost savings initiatives, and the
results of Citrix’s operational and strategic review, the uncertainty as
to whether the anticipated benefits from the proposed spinoff will be
realized if completed, costs and expenses associated with the proposed
spinoff, changes and transitions in management personnel, the Board’s
ongoing CEO search, the recruitment and retention of qualified
employees, the impact of the global economy and uncertainty in the IT
spending environment, revenue growth and recognition of revenue,
products and services, their development and distribution, product
demand and pipeline, economic and competitive factors, the Company’s key
strategic relationships, as well as 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 report or with respect to the announcements described
herein.
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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Date: November 17, 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
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and Chief Financial Officer
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Exhibit Index
Exhibit No.
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Description
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99.1*
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Press release dated November 17, 2015 of Citrix Systems, Inc.
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99.2*
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Press release dated November 17, 2015 of Citrix Systems, Inc.
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* Furnished herewith.
Exhibit 99.1
Citrix
Updates on Operations Review; Shares Business Model for Fiscal Years
2016 and 2017
Increasing
focus on core enterprise strategy of secure and reliable app and data
delivery
Providing
FY’16 GAAP diluted EPS outlook of $2.64 - $2.82; non-GAAP diluted EPS
outlook of $4.40 - $4.50
Targeting
17 percent GAAP operating margin for 2016; at least 28 percent non-GAAP
operating margin for 2016; targeting at least 30 percent non-GAAP
operating margin for 2017
Announces
plans to spin off GoTo businesses into separate company
SANTA CLARA, Calif.--(BUSINESS WIRE)--November 17, 2015--Citrix Systems,
Inc. (NASDAQ:CTXS) today announced the initial results of its operations
review. The decisions made will allow the company to significantly
increase focus on its core enterprise strategy of secure and reliable
delivery of applications and data, and consequently build a more
efficient, scalable and profitable company. Immediate actions include
rationalizing the company’s current product portfolio, realigning and
optimizing operations and resources, and a restructuring of its labor
force.
Key conclusions and initial plans from the company’s operational review
include, but are not limited to:
-
A determination that a spinoff of the GoTo family of products into a
separate public company is in the best interest of all stakeholders,
allowing both companies to enhance its strategic focus and respective
competitive positions, while permitting Citrix to improve operational
efficiency. Please see news release here for additional detail.
-
Plans to increase emphasis and resources to core enterprise products
for secure and reliable application and data delivery, including
XenApp, XenDesktop, XenMobile, ShareFile and NetScaler. To achieve
this focus, the company will end investment in certain other products
and programs, in some cases moving technologies into strategic
products, in other cases providing an orderly end-of-life to non-core
products. The evaluation of all products, technologies, offerings and
programs is ongoing, and will focus on enterprise readiness, ability
to drive customer value, and growth and profitability prospects.
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A realignment of resources that is expected to eliminate about 1,000
full-time and contract roles, excluding the effect of spinning off the
GoTo business. The restructuring will focus on simplification of the
company’s enterprise go-to-market motion and roles while improving
coverage, reflect changes in the company’s product focus, and balance
resources with demand across the company’s marketing, general and
administration areas. The majority of these actions will take place in
November 2015 and in January 2016.
As a result of these actions, Citrix said it expects to achieve
approximately $200 million in annualized pre-tax cost savings, with
approximately 75% of those cost savings anticipated to be realized in
fiscal year 2016. Citrix currently expects to incur pre-tax charges in
the range of approximately $65 million to $85 million related to
employee severance arrangements during the fourth quarter of fiscal year
2015 and during fiscal year 2016.
“We are simplifying our business in all areas – product, marketing,
sales, operations and development,” said Bob Calderoni, interim CEO and
president, and executive chairman. “Focusing on our core strengths and
simplifying how we work with customers and partners will help us improve
execution, drive higher profit and begin investing for growth in areas
in which we provide the greatest customer value.”
Financial Outlook
As a result of these initiatives, for the fiscal year ending December
31, 2016, Citrix management expects to achieve:
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Net revenue growth of one to two percent;
-
GAAP operating margin of 17 percent, and non-GAAP operating margin of
at least 28 percent, excluding 6 percent related to the effects of
stock-based compensation expenses, 3 percent related to the effects of
amortization of acquired intangible assets, and 2 percent related to
restructuring charges; and,
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GAAP diluted earnings per share in the range of $2.64 to $2.82, and
non-GAAP diluted earnings per share in the range of $4.40 to $4.50,
excluding $1.16 related to the effects of stock-based compensation
expenses, $0.70 related to the effects of amortization of acquired
intangible assets, $0.53 related to restructuring charges, $0.21
related to the effects of amortization of debt discount, and $(0.74)
to $(1.02) for the tax effects related to these items.
For the fiscal year ending December 31, 2017, Citrix management expects
to achieve revenue growth of four to five percent and is targeting
non-GAAP operating margin of at least 30 percent.
The above statements are based on current targets, are consolidated and
do not account for the spinoff of the GoTo businesses. These statements
are forward-looking, and actual results may differ materially.
Conference Call
Citrix will host a conference call today at 4:45 p.m. E.T. to review the
results of its operational and strategic review, including the spinoff
of the GoTo family. The call will include a slide presentation and
participants are encouraged to 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 by visiting the Investor Relations section of the Citrix
corporate website at http://www.citrix.com/investors for
approximately 30 days.
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 that 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 interim CEO and president and
executive chairman, statements contained in the Financial Outlook
section 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, risks
associated with the on-going CEO search process, transitions in key
personnel and succession risk; the completion and timing of the proposed
spinoff, the future performance of core Citrix and the GoTo businesses
on a standalone basis if the spinoff is completed, the expected
strategic, operational and competitive benefits of the proposed spinoff,
and the effect of the separation on Citrix, its shareholders, customers,
partners and employees; 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 and networking products and services;
disruptions to execution due to Citrix's restructuring programs and
actions to be taken as a result of its operational review; 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 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 savings 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 trademark or registered trademark 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.
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, unless
the Company has determined that it is unreasonable to do so. 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, 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.
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, 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)
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The following tables show the non-GAAP financial measures used in
this press release
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reconciled to the most directly comparable GAAP financial measures.
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Forward Looking Guidance
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For the Twelve
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Months Ended
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December 31,
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2016
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GAAP operating margin
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16.6%
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Add: stock-based compensation
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5.6
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Add: amortization of intangible assets
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3.3
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Add: restructuring charges
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2.5
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Non-GAAP operating margin
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28.0%
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For the Twelve
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Months Ended
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December 31,
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2016
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GAAP earnings per share – diluted
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$2.64 to $2.82
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Add: adjustments to exclude the effects of expenses related to
stock- based compensation
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1.16
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Add: adjustments to exclude the effects of amortization of intangible
assets
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0.70
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Add: adjustments to exclude the effects of amortization of debt
discount
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0.21
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Add: adjustments to exclude the effects of restructuring charges
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0.53
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Less: tax effects related to above items
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(0.74) to (1.02)
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Non-GAAP earnings per share – diluted
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$4.40 to $4.50
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CONTACT:
Citrix Systems, Inc.
Eric Armstrong, 954-267-2977
eric.armstrong@citrix.com
or
For
investor inquiries:
Eduardo Fleites, 954-229-5758
eduardo.fleites@citrix.com
Exhibit 99.2
Citrix to
Spin Off GoTo Family of Products
Provides
both Citrix and New “GoTo” Company with increased focus and flexibility
to deliver long-term value for shareholders
SANTA CLARA, Calif.--(BUSINESS WIRE)--November 17, 2015--Citrix Systems,
Inc. (NASDAQ:CTXS) today announced plans to spin off its GoTo family of
products into a separate, publicly traded company. The transaction,
which is intended to be a tax-free spinoff to Citrix shareholders, is
expected to be completed in the second half of 2016. Citrix’s
announcement to pursue a separation follows a thorough review of
strategic alternatives for the GoTo family of products.
Citrix believes that this strategic decision will allow Citrix and the
company established by the spinoff to enhance their strategic focus and
respective competitive positions, while permitting Citrix to improve
operational efficiency. Immediately following the separation, Citrix
shareholders will own shares in two publicly traded companies:
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The company established as a result of the spinoff will be made up of
GoToAssist, GoToMeeting, GoToMyPC, GoToTraining, GoToWebinar,
Grasshopper and OpenVoice. This company will more effectively allocate
resources in line with its own market opportunity, unique growth
priorities and go-to-market capabilities, as well as adapt more
quickly to SaaS market and customer dynamics; and,
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Citrix, which will focus on its strategic solutions for secure and
reliable delivery of applications and data. Please see related news
release here.
For the trailing twelve months ended September 30, 2015, unaudited
revenues were approximately $600 million for the products and services
to be spun off.
“Upon review, it is clear to us that the GoTo family of products is best
suited to grow and operate as a standalone business,” said Bob
Calderoni, interim CEO and president and executive chairman of Citrix.
“This separation will create a leading, pure-play SaaS company that will
have a targeted focus with the flexibility to invest in its portfolio of
products. It will also allow Citrix to refocus and amplify investment in
our core mission to enable secure and reliable delivery of apps and data
for the modern enterprise. We look forward to a seamless transition for
our employees, customers, partners and other key stakeholders.”
Leadership
Upon completion of the separation, Chris Hylen, who currently serves as
senior vice president and general manager of the Citrix Mobility Apps
Business Unit, will serve as CEO of the new company. Mr. Hylen is a
20-year veteran leader in the technology industry with extensive
experience in SaaS solutions for the SMB space. Since joining Citrix in
July 2013, his leadership has resulted in strong outcomes, including
improved innovation, product quality, and customer satisfaction.
“I am excited to launch our GoTo businesses as a new company
strategically positioned for sustained, profitable growth,” said Hylen.
“We are building on a strong base of offerings and look forward to
creating even more value for our employees, customers and shareholders.
I am confident that the GoTo family of products will excel as a
standalone business.”
Citrix plans to provide further details about the board of directors and
management team as it works towards completion of the separation.
Additional Transaction Details
Citrix will disclose additional information regarding the spinoff,
including historical financial and capitalization information, in a Form
10 to be filed with the Securities and Exchange Commission (“SEC”) on a
future date. The name of the new company will be determined in the
coming months.
The separation is subject to certain customary conditions, the
effectiveness of a Form 10 filing with the SEC and final approval by the
Citrix board of directors. The spin-off transaction will not require a
shareholder vote. There can be no assurance regarding the ultimate
timing of the spinoff or that the spinoff will ultimately occur. Citrix
expects to incur separation and restructuring charges through the
completion of the transaction as it works to separate the two businesses.
Goldman, Sachs & Co. and Qatalyst Partners are serving as financial
advisors to Citrix, and Goodwin Procter LLP and Skadden, Arps, Slate,
Meagher & Flom LLP are serving as legal counsel.
Conference Call
Citrix will host a conference call today at 4:45 p.m. E.T. to review the
proposed separation and the results of its operational and strategic
review. The call will include a slide presentation and participants are
encouraged to 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 by visiting the Investor Relations section of the Citrix
corporate website at http://www.citrix.com/investors for
approximately 30 days.
About Chris Hylen
Since 2013, Chris Hylen has held the role of senior vice president and
general manager of the Mobility Apps Business Unit at Citrix. Hylen has
more than 20 years of senior general management leadership experience in
the SaaS technology space. Prior to joining Citrix, Hylen was the senior
vice president and general manager of Payment Solutions at Intuit, where
he successfully drove the development of innovative payment products and
services, including the launch of Intuit’s first mobile credit card
processing solution. Before Intuit, he held executive roles at Automatic
Data Processing and American Express. Hylen holds a bachelor’s degree in
engineering from Widener University and an MBA from Harvard Business
School.
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.
Investors are cautioned that statements in this press release, which are
not strictly historical statements, including, without limitation,
statements regarding the completion and timing of the proposed spinoff,
the future performance of core Citrix and the GoTo businesses on a
standalone basis if the spinoff is completed, the expected strategic,
operational and competitive benefits of the proposed spinoff, and the
effect of the separation on Citrix, its shareholders, customers,
partners and employees, constitute forward-looking statements. The
forward looking statements in this release are not guarantees of future
performance. Those statements involve a number of factors that could
cause actual results to differ materially, including risks associated
with the failure to satisfy any conditions or otherwise complete the
proposed spinoff, timing of the proposed spinoff, disruptions to
execution due to the proposed spinoff and the results of Citrix’s
operational and strategic review, the uncertainty as to whether the
anticipated benefits from the proposed spinoff will be realized if
completed, costs and expenses associated with the proposed spinoff,
changes and transitions in management personnel, the Board’s ongoing CEO
search, the recruitment and retention of qualified employees, the impact
of the global economy and uncertainty in the IT spending environment,
revenue growth and recognition of revenue, products and services, their
development and distribution, product demand and pipeline, economic and
competitive factors, the Company’s key strategic relationships, as well
as 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 trademark or registered trademark 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.
CONTACT:
Citrix Systems, Inc.
For media inquiries:
Eric
Armstrong, 954-267-2977
eric.armstrong@citrix.com
or
For
investor inquiries:
Eduardo Fleites, 954-229-5758
eduardo.fleites@citrix.com
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