Quarterly revenue of $841 million up 3 percent
year over year
Quarterly GAAP operating margin of 18 percent;
non-GAAP operating margin of 30 percent
Quarterly GAAP diluted EPS of $0.84; non-GAAP
diluted EPS of $1.32
Quarterly cash flow from operations of $288
million, up 11 percent year-over-year
Citrix Systems, Inc. (NASDAQ:CTXS) today reported financial
results for the third quarter of fiscal year 2016 ended September
30, 2016.
Financial Results
For the third quarter of fiscal year 2016, Citrix achieved
revenue of $841 million, compared to $813 million in the third
quarter of fiscal year 2015, representing 3 percent revenue
growth.
GAAP Results
Net income for the third quarter of fiscal year 2016 was $132
million, or $0.84 per diluted share, compared to $56 million, or
$0.35 per diluted share, for the third quarter of fiscal year 2015.
The third quarter of fiscal year 2015 GAAP net income includes
impairment charges of approximately $65 million related to certain
intangible assets from the acquisition of ByteMobile, which are
included in amortization of product related and other intangible
assets. In addition, net income for the third quarter of fiscal
year 2016 includes $18 million in separation costs associated with
the proposed separation of our GoTo business and subsequent merger
with LogMeIn.
Non-GAAP Results
Non-GAAP net income for the third quarter of fiscal year 2016
was $208 million, or $1.32 per diluted share, compared to $168
million, or $1.04 per diluted share, for the third quarter of
fiscal year 2015. Non-GAAP net income for the third quarter of
fiscal years 2016 and 2015 excludes the effects of stock-based
compensation expense, amortization of acquired intangible assets,
amortization of debt discount, restructuring charges, and the tax
effects related to these items. Non-GAAP net income for the third
quarter of fiscal year 2016 also excludes $18 million in separation
costs associated with the proposed separation of our GoTo business
and subsequent merger with LogMeIn.
"Our strong results this quarter show clearly how our renewed
focus is resonating in the marketplace,” said Kirill Tatarinov, CEO
for Citrix.
“We are seeing growth in all of our core areas of business —
including our Workspace Services business, which is showing
improving growth for the second consecutive quarter. And we have
demonstrated tremendous progress in the workforce and cultural
transformation that defines us as a company and that will continue
to power us forward. Our vision is clear; our strategy is crisp;
and our execution has improved dramatically."
Q3 Financial Summary
In reviewing the results for the third quarter of fiscal year
2016 compared to the third quarter of fiscal year 2015:
- Product and license revenue remained
flat;
- Software as a service revenue increased
9 percent;
- Revenue from license updates and
maintenance increased 5 percent;
- Professional services revenue, which is
comprised of consulting, product training and certification,
decreased 19 percent;
- Net revenue increased in the Americas
region by 8 percent, increased in the Pacific region by less than 1
percent, and decreased in the EMEA region by 4 percent;
- Deferred revenue totaled $1.6 billion
as of September 30, 2016, compared to $1.5 billion as of September
30, 2015, an increase of 7 percent; and
- Cash flow from operations was $288
million for the third quarter of fiscal year 2016, compared with
$260 million for the third quarter of fiscal year 2015.
During the third quarter of fiscal year
2016:
- GAAP gross margin was 84 percent.
Non-GAAP gross margin was 86 percent, excluding the effects of
amortization of acquired product related intangible assets and
stock-based compensation expense; and
- GAAP operating margin was 18 percent.
Non-GAAP operating margin was 30 percent, excluding the effects of
stock-based compensation expense, amortization of acquired
intangible assets, separation costs related to the proposed
separation of our GoTo business and subsequent merger with LogMeIn
and costs associated with the 2015 restructuring program.
Financial Outlook for Fiscal Year 2016
Citrix management expects to achieve the following results at
the consolidated level for the fiscal year ending December 31,
2016:
- Net revenue is targeted to be in the
range of $3.40 billion to $3.41 billion with core Citrix revenue,
excluding the GoTo business, targeted to be in the range of $2.71
billion to $2.72 billion.
- GAAP diluted earnings per share is
targeted to be in the range of $3.04 to $3.05. Non-GAAP diluted
earnings per share is targeted to be in the range of $5.18 to
$5.20, excluding $1.17 related to the effects of stock-based
compensation expenses, $0.57 related to the effects of amortization
of acquired intangible assets, $0.21 related to the effects of
amortization of debt discount, $0.59 related to separation costs
associated with the proposed separation of our GoTo business and
subsequent merger with LogMeIn, $0.43 related to restructuring
charges and $0.81 to $0.84 for the tax effects related to these
items.
Preliminary Outlook for Fiscal Year 2017
The company’s current preliminary outlook for the full fiscal
year 2017, excluding the GoTo business, is for net revenue to
grow by approximately 3% to 4%. In addition, Citrix management is
targeting GAAP operating margin, excluding the GoTo business, to be
in the range of 22% to 23% and Non-GAAP operating margin to be in
the range of 32% to 33%. Non-GAAP operating margin excludes the
effects of stock-based compensation expense, amortization of
acquired intangible assets, separation costs associated with the
proposed separation of our GoTo business and subsequent merger with
LogMeIn, and restructuring charges.
The above statements are based on current targets. These
statements are forward-looking, and actual results may differ
materially.
Third Quarter Earnings Conference Call
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) aims to power a world where
people, organizations and things are securely connected and
accessible to make the extraordinary possible. Its technology
makes the world’s apps and data secure and easy to access,
empowering people to work anywhere and at any time. Citrix provides
a complete and integrated portfolio of Workspace-as-a-Service,
application delivery, virtualization, mobility, network delivery
and file sharing solutions that enables IT to ensure critical
systems are securely available to users via the cloud or on-premise
and across any device or platform. With annual revenue in 2015 of
$3.28 billion, Citrix solutions are in use by more than 400,000
organizations and 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 CEO and president, statements
contained in the Financial and Preliminary Outlook 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, risks associated with transitions in key personnel,
including our CEO, and succession risk; the failure to complete the
separation of the GoTo business and proposed Reverse Morris Trust
transaction with LogMeIn on a timely basis or at all, and the
related disruptions to management and the GoTo business; risks
associated with the future performance of core Citrix if the
transaction is completed, failure to achieve the expected
strategic, operational and competitive benefits of the proposed
separation of the GoTo business, and the effect of the separation
on Citrix, its shareholders, customers, partners and employees; the
impact of the global economy, volatility in global stock markets,
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, mobility
and networking products and collaboration services; the company's
ability to develop, maintain a high level of quality and
commercialize new products and services, including its enterprise
mobility products and cloud services, while growing its established
virtualization and networking products and services; disruptions to
execution due to Citrix's restructuring programs; 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 and reliance on
large service provider customers; 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 meet our
domestic cash requirements and 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 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.
CITRIX SYSTEMS, INC.
Condensed Consolidated Statements of
Income
(In thousands, except per share data -
unaudited)
Three Months EndedSeptember
30,
Nine Months EndedSeptember
30,
2016 2015 2016
2015 Revenues: Product and licenses $ 206,179
$ 206,252 $ 628,002 $ 594,507 Software as a service 207,050 190,757
606,544 537,705 License updates and maintenance 398,171 379,585
1,178,053 1,128,043 Professional services 29,851
36,676 97,310
110,576 Total net revenues 841,251 813,270 2,509,909
2,370,831 Cost of net revenues: Cost of product and licenses
revenues 28,059 34,859 93,077 83,833 Cost of services and
maintenance revenues 93,829 91,295 281,440 270,218 Amortization of
product related intangible assets 16,087
20,100 46,872 57,560
Total cost of net revenues 137,975 146,254 421,389 411,611
Gross margin 703,276 667,016 2,088,520 1,959,220 Operating
expenses: Research and development 126,887 139,128 375,607 423,972
Sales, marketing and services 291,848 293,587 883,045 896,250
General and administrative 93,686 79,799 281,601 241,697
Amortization of other intangible assets 7,387 76,938 22,067 97,371
Restructuring 12,061 13,766 62,142 62,251 Separation 17,580
- 46,190 -
Total operating expenses 549,449
603,218 1,670,652
1,721,541 Income from operations 153,827 63,798
417,868 237,679 Interest income 4,193 3,004 12,108 8,679
Interest expense 11,254 11,075 33,605 33,196 Other income
(expense), net 494 (2,369 ) (781
) (13,480 ) Income before income taxes 147,260 53,358
395,590 199,682 Income tax expense (benefit) 15,359
(2,567 ) 59,328
11,595 Net income $ 131,901 $ 55,925 $
336,262 $ 188,087 Earnings per common
share – diluted $ 0.84 $ 0.35 $ 2.15
$ 1.16 Weighted average shares outstanding – diluted
157,532 161,777 156,697
161,716
CITRIX SYSTEMS, INC.
Condensed Consolidated Balance
Sheets
(In thousands - unaudited)
September 30, 2016
December 31, 2015(*)
ASSETS: Cash and cash equivalents $ 1,308,683 $ 368,518
Short-term investments 354,328 502,852 Accounts receivable, net
475,085 669,276 Inventories, net 14,809 10,521 Prepaid expenses and
other current assets 119,482 132,784
Total current assets 2,272,387 1,683,951 Long-term
investments 789,038 891,964 Property and equipment, net 352,521
373,817 Goodwill 1,965,024 1,962,722 Other intangible assets, net
247,392 283,418 Deferred tax assets, net 231,681 215,196 Other
assets 64,460 56,449 Total
assets $ 5,922,503 $ 5,467,517
LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS’ EQUITY:
Accounts payable 85,655 95,396 Accrued expenses and other current
liabilities 279,947 317,468 Income taxes payable 51,341 18,351
Current portion of deferred revenues 1,194,101 1,249,754
Convertible notes, short-term (**) 1,338,782
- Total current liabilities 2,949,826 1,680,969
Long-term portion of deferred revenues 418,169 414,314
Convertible notes, long-term (**) - 1,311,071 Other liabilities
114,931 87,717 Temporary equity from Convertible notes (**) 87,841
- Stockholders’ equity: Common stock 302 299 Additional paid-in
capital 4,687,343 4,566,919 Retained earnings 3,810,887 3,474,625
Accumulated other comprehensive loss (22,835 ) (28,527 ) Less –
common stock in treasury, at cost (6,123,961 )
(6,039,870 ) Total stockholders’ equity 2,351,736
1,973,446 Total liabilities, temporary equity
and stockholders’ equity $ 5,922,503 $ 5,467,517
(*) During the first quarter of fiscal 2016 we adopted an
accounting standard update on the presentation of debt issuance
costs. The new guidance requires debt issuance costs related to a
recognized debt liability to be presented in the balance sheet as a
direct deduction from the carrying amount of the debt liability on
the condensed consolidated balance sheet. The December 31, 2015
condensed consolidated balance sheet was retrospectively adjusted
to reflect this change.
(**) As a result of the structure of the proposed RMT
transaction with LogMeIn, and the notification on October 10, 2016
of noteholders in accordance with the Indenture, the Convertible
Notes will be convertible until the earlier of (1) the close of
business on the business day immediately preceding the ex-dividend
date for the distribution of the outstanding shares of GetGo common
stock to the Company’s stockholders by way of a pro rata dividend,
and (2) the Company’s announcement that such distribution will not
take place, even though the Convertible Notes were not otherwise
convertible at September 30, 2016. The conversion rate for the
Convertible Notes also will be subject to adjustment as of the
opening of business on the ex-dividend date for the
distribution.
CITRIX SYSTEMS, INC.
Condensed Consolidated Statement of
Cash Flows
(In thousands – unaudited)
Nine Months EndedSeptember 30,
2016
OPERATING ACTIVITIES Net Income $ 336,262 Adjustments to
reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other 219,155 Stock-based
compensation expense 136,202 Deferred income tax benefit (23,912 )
Excess tax benefit from stock-based compensation (12,374 ) Effects
of exchange rate changes on monetary assets and liabilities
denominated in foreign currencies (3,489 )
Other non-cash items
9,247
Total adjustments to reconcile net income
to net cash provided by operating activities
324,829 Changes in operating assets and liabilities, net of the
effects of acquisitions: Accounts receivable 193,023 Inventories
(5,354 ) Prepaid expenses and other current assets 14,306 Other
assets (8,341 ) Income taxes, net 51,967 Accounts payable (17,778 )
Accrued expenses and other current liabilities 484 Deferred
revenues (47,128 ) Other liabilities 14,513 Total
changes in operating assets and liabilities, net of the effects of
acquisitions 195,692 Net cash provided by operating
activities 856,783
INVESTING ACTIVITIES Purchases of
available-for-sale investments (1,411,077 ) Proceeds from sales of
available-for-sale investments 1,156,168 Proceeds from maturities
of available-for-sale investments 511,023 Purchases of property and
equipment (105,339 ) Cash paid for acquisition, net of cash
acquired (11,455 ) Cash paid for licensing agreements and
technology (26,079 ) Other 464 Net cash provided by
investing activities 113,705
FINANCING ACTIVITIES
Proceeds from issuance of common stock under stock-based
compensation plans 39,438 Excess tax benefit from stock-based
compensation 12,374 Stock repurchases, net (28,689 ) Cash paid for
tax withholding on vested stock awards (55,402 ) Net cash
used in financing activities (32,279 ) Effect of exchange
rate changes on cash and cash equivalents 1,956
Change in cash and cash equivalents 940,165 Cash and
cash equivalents at beginning of period 368,518 Cash
and cash equivalents at end of period $ 1,308,683
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 and related conference call, slide
presentation or webcast 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, separation costs and
the related tax effect of those items. The income tax effect on
non-GAAP items is calculated based upon the tax laws and statutory
income tax rates applicable in the tax jurisdiction(s) of the
underlying non-GAAP adjustment. 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 of intangible assets and 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 of intangible assets 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 Company has engaged in various
restructuring activities over the past several years that have
resulted in costs associated with reductions in headcount,
consolidation of leased facilities and related costs. Each
restructuring activity has been a discrete event based on a unique
set of business objectives or circumstances, and each has differed
from the others in terms of its operational implementation,
business impact and scope. The Company does not engage in
restructuring activities in the ordinary course of business. While
the Company’s operations previously benefited from the employees
and facilities covered by the various restructuring charges, these
employees and facilities have benefited different parts of the
Company’s business in different ways, and the amount of these
charges has varied significantly from period to period. 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.
- Separation costs represent transaction
and transition costs associated with preparing businesses for
independent operations consisting primarily of financial advisory
fees, legal fees, accounting fees, tax services and information
systems infrastructure duplication. These charges are not
anticipated to be ongoing costs; and, thus, are outside of the
normal operations of the Company's business. 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.
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 EndedSeptember 30,
2016
GAAP gross margin 83.6% Add: stock-based compensation 0.1 Add:
amortization of product related intangible assets 1.9 Non-GAAP
gross margin 85.6%
Three Months EndedSeptember 30,
2016
GAAP operating margin 18.3% Add: stock-based compensation 5.7 Add:
amortization of product related intangible assets 1.9 Add:
amortization of other intangible assets 0.9 Add: separation costs
2.1 Add: restructuring charges 1.4 Non-GAAP operating margin 30.3%
Three Months Ended September
30,
2016 2015 GAAP net income $131,901
$55,925 Add: stock-based compensation 48,282 38,671 Add:
amortization of product related intangible assets 16,087 20,100
Add: amortization of other intangible assets 7,387 76,938 Add:
amortization of debt discount 8,284 8,039 Add: separation costs
17,580 - Add: restructuring charges 12,061 13,766 Less: tax effects
related to above items (33,690 ) (45,395 ) Non-GAAP net
income $207,892 $168,044
Three Months Ended September
30,
2016 2015 GAAP earnings per share – diluted
$0.84 $0.35 Add: stock-based compensation 0.31 0.24 Add:
amortization of product related intangible assets 0.10 0.12 Add:
amortization of other intangible assets 0.05 0.48 Add: amortization
of debt discount 0.05 0.05 Add: separation costs 0.11 - Add:
restructuring charges 0.08 0.08 Less: tax effects related to above
items (0.22 ) (0.28 ) Non-GAAP earnings per share – diluted
$1.32 $1.04
Forward Looking Guidance
For the TwelveMonths
EndedDecember 31,
2016 GAAP earnings per share – diluted $3.04 to $3.05 Add:
adjustments to exclude the effects of amortization of intangible
assets 0.57 Add: adjustments to exclude the effects of expenses
related to stock-based compensation 1.17 Add: adjustments to
exclude the effects of amortization of debt discount 0.21 Add:
adjustments to exclude the effects of separation costs 0.59 Add:
adjustments to exclude the effects of restructuring charges 0.43
Less: tax effects related to above items (0.81) to (0.84) Non-GAAP
earnings per share – diluted $5.18 to $5.20
For the Twelve Months
EndedDecember 31, 2017
GAAP operating margin 22.2% to 23.2% Add: stock-based compensation
6.6 Add: amortization of intangible assets 1.9 Add: separation
costs 0.9 Add: restructuring charges 0.4 Non-GAAP operating margin
32.0% to 33.0%
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161019006333/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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