Quarterly revenue of $663 million
Quarterly GAAP diluted EPS of $0.44; non-GAAP
diluted EPS of $0.97 on a continuing operations basis
Deferred revenue of $1.7 billion up 11 percent
year-over-year
Repurchased approximately 7 million shares in
first quarter
Citrix Systems, Inc. (NASDAQ:CTXS) today reported financial
results for the first quarter of fiscal year 2017 ended
March 31, 2017.
Financial Results
For the first quarter of fiscal year 2017, Citrix achieved
revenue from continuing operations of $663 million, compared to
$659 million in the first quarter of fiscal year 2016, representing
1 percent revenue growth.
As previously announced, the spin-off and merger of Citrix’s
GoTo business with LogMeIn was completed following the close of
business on January 31, 2017. Accordingly, the GoTo business
results of operations, assets and liabilities, and cash flows are
reflected as discontinued operations for all periods presented.
GAAP Results
Net income from continuing operations for the first quarter of
fiscal year 2017 was $70 million, or $0.44 per diluted share,
compared to $73 million, or $0.47 per diluted share, for the first
quarter of fiscal year 2016. Net income from continuing operations
for the first quarter of fiscal year 2017 and 2016 includes
restructuring charges of $8 million and $46 million, respectively,
for severance and facility closing costs. Additionally, net income
from continuing operations for the first quarter of fiscal year
2017 includes $46 million in charges relating to changes in the
Company’s expectations of realizability of certain state R&D
tax credits resulting from the separation of the GoTo business,
partially offset by a tax benefit of approximately $18 million from
the adoption of Accounting Standard Update 2016-09 in the first
quarter of fiscal year 2017.
Non-GAAP Results
Non-GAAP net income from continuing operations for the first
quarter of fiscal year 2017 was $152 million, or $0.97 per diluted
share, compared to $155 million, or $1.00 per diluted share for the
first quarter of fiscal year 2016. Non-GAAP net income from
continuing operations for the first quarter of fiscal year 2017 and
2016 excludes the effects of stock-based compensation expense,
amortization of acquired intangible assets, amortization of debt
discount, restructuring charges, separation costs, and the tax
effects related to these items. Non-GAAP net income from continuing
operations for the first quarter of fiscal year 2017 also excludes
charges relating to changes in the Company’s expectations of
realizability of certain state R&D tax credits resulting from
the separation of the GoTo business.
"This was another strong quarter of execution by our global
team,” said Kirill Tatarinov, CEO for Citrix. "The momentum of our
cloud transformation is accelerating. Our innovation and
competitive positioning in that space is already paying off, and
our solutions are benefiting our customers and partners.”
Q1 Financial Summary
In reviewing the results from continuing operations for the
first quarter of fiscal year 2017 compared to the first quarter of
fiscal year 2016:
- Product and license revenue decreased 5
percent;
- Software as a service revenue increased
24 percent;
- Revenue from license updates and
maintenance increased 2 percent;
- Professional services revenue, which is
comprised of consulting, product training and certification,
decreased 9 percent;
- Net revenue increased in the Pacific
region by 10 percent, increased in the Americas region by 1
percent, and decreased in the EMEA region by 2 percent;
- Deferred revenue totaled $1.7 billion
as of March 31, 2017, compared to $1.5 billion as of March 31,
2016, an increase of 11 percent; and
- Cash flow from continuing operations
was $292 million for the first quarter of fiscal year 2017,
compared with $307 million for the first quarter of fiscal year
2016.
During the first quarter of fiscal year 2017:
- GAAP gross margin was 85 percent.
Non-GAAP gross margin was 87 percent, excluding the effects of
amortization of acquired product related intangible assets and
stock-based compensation expense; and
- GAAP operating margin was 19 percent.
Non-GAAP operating margin was 28 percent, excluding the effects of
stock-based compensation expense, amortization of acquired
intangible assets, separation costs related to the separation of
the GoTo business and subsequent merger with LogMeIn, and costs
associated with restructuring programs.
- The Company repurchased 7.1 million
shares at an average price of $78.55.
Financial Outlook for Second Quarter 2017
Citrix management expects to achieve the following results from
continuing operations for the second quarter of fiscal year 2017
ending June 30, 2017:
- Net revenue is targeted to be in the
range of $685 million to $695 million.
- GAAP diluted earnings per share from
continuing operations is targeted to be in the range of $0.70 to
$0.74. Non-GAAP diluted earnings per share from continuing
operations is targeted to be in the range of $0.97 to $1.00,
excluding $0.18 related to the effects of stock-based compensation
expenses, $0.10 related to the effects of amortization of acquired
intangible assets, $0.06 related to the effects of amortization of
debt discount, $0.03 related to restructuring charges and $0.07 to
$0.14 for the tax effects related to these items.
Financial Outlook for Fiscal Year 2017
Citrix management expects to achieve the following results from
continuing operations for the fiscal year ending December 31,
2017:
- Net revenue is targeted to be in the
range of $2.81 billion to $2.84 billion.
- GAAP diluted earnings per share from
continuing operations is targeted to be in the range of $3.02 to
$3.21. Non-GAAP diluted earnings per share from continuing
operations is targeted to be in the range of $4.60 to $4.65,
excluding $0.42 related to the effects of amortization of acquired
intangible assets, $0.76 related to the effects of stock-based
compensation expenses, $0.22 related to the effects of amortization
of debt discount, $0.12 related to restructuring charges, and $0.19
to $0.43 for the tax effects related to these items. Non-GAAP
diluted earnings per share from continuing operations also is
expected to exclude $0.30 related to certain tax charges incurred
in connection with the separation of the GoTo business.
The above statements are based on current targets. These
statements are forward-looking, and actual results may differ
materially.
First 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. 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 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, 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 our ability
to transition to new business models, including a subscription
model, and markets for Citrix's virtualization and networking
products and secure data services; the introduction of new products
by competitors or the entry of new competitors into the markets for
Citrix's products and services; the concentration of customers in
Citrix’s networking business; the company's ability to develop,
maintain a high level of quality and commercialize new products and
services while growing its established virtualization and
networking products and services; risks associated with transitions
in key personnel and succession risk; 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 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 and
divestitures, 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,
failure to realize expected benefits or synergies from
divestitures; risks associated with the failure to achieve the
expected strategic, operational and competitive benefits of the
separation of the GoTo business, and the effect of the separation
on Citrix its shareholders, customers, partners and employees; tax
risks related to the separation of the GoTo business; the
recruitment and retention of qualified employees; risks in
effectively controlling operating expenses; ability to effectively
manage our capital structure and the impact of related changes on
our operating results and financial condition; the effect of new
accounting pronouncements on revenue and expense recognition; the
risks associated with securing data and maintaining security of our
networks and customer data stored by our services; failure to
comply with federal, state and international regulations;
litigation and disputes, including challenges to our intellectual
property rights or allegations of infringement of the intellectual
property rights of others; the inability to further innovate our
technology or enter into new businesses due to the intellectual
property rights of others; the ability to maintain and protect our
collection of brands; 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; risks related to servicing our
debt; unanticipated changes in tax rates, non-renewal of tax
credits or exposure to additional tax liabilities; risks of
political uncertainty 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 Ended March 31, 2017
2016 Revenues: Product and licenses $ 191,597 $ 202,033
Software as a service 38,730 31,115 License updates and maintenance
402,755 393,018 Professional services 29,595 32,607
Total net revenues 662,677 658,773 Cost of net revenues:
Cost of product and license revenues 29,711 31,395 Cost of services
and maintenance revenues 59,659 54,359 Amortization of product
related intangible assets 13,088 14,057 Total cost of
net revenues 102,458 99,811 Gross margin
560,219 558,962 Operating expenses: Research and development
102,669 102,232 Sales, marketing and services 246,765 233,927
General and administrative 76,211 77,819 Amortization of other
intangible assets 3,646 3,720 Restructuring 7,986 45,556 Separation
298 456 Total operating expenses 437,575
463,710 Income from operations 122,644 95,252
Interest income 5,612 3,751 Interest expense 11,553 11,155 Other
income (expense), net 3,326 (1,003 ) Income from continuing
operations before income taxes 120,029 86,845 Income tax expense
49,704 13,591 Income from continuing operations
70,325 73,254 (Loss) income from discontinued operations, net of
income tax expense of $2,900 and $5,493, respectively (42,704 )
10,209 Net income $ 27,621 $ 83,463
Diluted earnings (loss) per share: Income from continuing
operations $ 0.44 $ 0.47 (Loss) income from discontinued operations
(0.27 ) 0.07 Diluted net earnings per share: $
0.17 $ 0.54 Weighted average shares outstanding - diluted
158,369 155,945
CITRIX SYSTEMS, INC. Condensed Consolidated Balance
Sheets (In thousands - unaudited) March
31, 2017 December 31, 2016 (*)
(*) Derived from auditedfinancial
statements
ASSETS Cash and cash equivalents $ 907,977 $ 836,095
Short-term investments 506,118 726,923 Accounts receivable, net
485,769 681,206 Inventories, net 15,210 12,522 Prepaid expenses and
other current assets 170,083 124,842 Current assets of discontinued
operations — 179,689 Total current assets 2,085,157
2,561,277 Long-term investments 952,157 980,142 Property and
equipment, net 260,149 261,954 Goodwill 1,616,817 1,585,893 Other
intangible assets, net 199,339 173,681 Deferred tax assets, net
184,208 233,900 Other assets 62,739 54,449 Long-term assets of
discontinued operations — 538,931 Total assets $
5,360,566 $ 6,390,227
LIABILITIES,
TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY Accounts payable $
64,075 $ 72,724 Accrued expenses and other current liabilities
255,013 256,799 Income taxes payable 28,188 39,771 Current portion
of deferred revenues 1,169,891 1,208,229 Short-term debt 100,000 —
Convertible notes, short-term — 1,348,156 Current liabilities of
discontinued operations 13,820 172,670 Total current
liabilities 1,630,987 3,098,349 Long-term portion of
deferred revenues 493,862 476,135 Convertible notes, long-term
1,357,580 — Other liabilities 144,395 119,813 Long-term liabilities
of discontinued operations — 7,708 Temporary equity from
Convertible notes — 79,495 Stockholders' equity: Common stock 305
303 Additional paid-in capital 4,882,838 4,761,588 Retained
earnings 3,553,680 4,010,737 Accumulated other comprehensive loss
(10,934
) (28,704 ) Less - common stock in treasury, at cost
(6,692,147
) (6,135,197 ) Total stockholders' equity
1,733,742 2,608,727 Total liabilities, temporary
equity and stockholders' equity $ 5,360,566 $ 6,390,227
CITRIX SYSTEMS, INC. Condensed Consolidated Statement of
Cash Flows (In thousands - unaudited)
Three Months Ended March 31, 2017
OPERATING ACTIVITIES Net Income $ 27,621 Loss from
discontinued operations 42,704 Adjustments to reconcile net income
to net cash provided by operating activities: Depreciation,
amortization and other 49,300 Stock-based compensation expense
34,808 Deferred income tax expense 67,497 Effects of exchange rate
changes on monetary assets and liabilities denominated in foreign
currencies (5,390 ) Other non-cash items 2,204 Total adjustments to
reconcile net income to net cash provided by operating activities
148,419 Changes in operating assets and liabilities, net of the
effects of acquisitions: Accounts receivable 197,408 Inventories
(2,811 ) Prepaid expenses and other current assets (22,736 ) Other
assets (8,845 ) Income taxes, net (30,223 ) Accounts payable (8,222
) Accrued expenses and other current liabilities (27,959 ) Deferred
revenues (26,064 ) Other liabilities 2,241 Total changes in
operating assets and liabilities, net of the effects of
acquisitions 72,789 Net cash provided by operating activities of
continuing operations 291,533 Net cash used in operating activities
of discontinued operations (42,249 ) Net cash provided by operating
activities 249,284
INVESTING ACTIVITIES Purchases of
available-for-sale investments (272,060 ) Proceeds from sales of
available-for-sale investments 63,516 Proceeds from maturities of
available-for-sale investments 458,020 Purchases of property and
equipment (19,746 ) Cash paid for acquisitions, net of cash
acquired (60,449 ) Cash paid for licensing agreements and
technology (1,934 ) Other 1,285 Net cash provided by investing
activities of continuing operations 168,632 Net cash used in
investing activities of discontinued operations (3,891 ) Net cash
provided by investing activities 164,741
FINANCING
ACTIVITIES Proceeds from issuance of common stock under
stock-based compensation plans 902 Proceeds from credit facility
100,000 Repayment of acquired debt (4,000 ) Stock repurchases, net
(500,000 ) Cash paid for tax withholding on vested stock awards
(34,868 ) Transfer of cash to GoTo Business resulting from the
separation (28,523 ) Net cash used in financing activities (466,489
) Effect of exchange rate changes on cash and cash equivalents
3,485 Change in cash and cash equivalents (48,979 ) Cash and cash
equivalents at beginning of period, including cash of discontinued
operations of $120,861 956,956 Cash and cash equivalents at end of
period $ 907,977
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, the
related tax effect of those items and separation-related tax
charges or benefits. 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 also excludes the effect of anti-dilutive
convertible note hedges in the number of shares used in non-GAAP
diluted earnings per share. These non-GAAP financial measures are
presented on a continuing operations basis. 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.
- Separation-related tax charges or
benefits, which may include reversals of certain state R&D
credits due to changes in expectations of realizability as a result
of the separation of a significant business of the Company. The
Company believes that these items do not accurately reflect the
underlying performance of continuing operations for the period in
which they are incurred.
- The Company has convertible note hedges
in place to offset potential dilution from the embedded conversion
feature in its convertible notes. For GAAP diluted earnings per
share purposes, the Company cannot reflect the anti-dilutive impact
of the convertible note hedges. The Company believes that
reflecting the anti-dilutive impact of the convertible note hedges
in non-GAAP diluted earnings per share provides investors with
useful information in evaluating the financial performance of the
Company on a per share basis.
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 Ended March 31, 2017 GAAP gross
margin 84.5% Add: stock-based compensation 0.1 Add: amortization of
product related intangible assets 2.0 Non-GAAP gross margin 86.6%
Three Months Ended March 31, 2017 GAAP
operating margin 18.5% Add: stock-based compensation 5.2 Add:
amortization of product related intangible assets 2.0 Add:
amortization of other intangible assets 0.6 Add: restructuring
charges 1.2 Non-GAAP operating margin 27.5%
Three Months
Ended March 31, 2017 2016 GAAP net
income from continuing operations $70,325 $73,254 Add:
stock-based compensation 34,808 36,061 Add: amortization of product
related intangible assets 13,088 14,057 Add: amortization of other
intangible assets 3,646 3,720 Add: amortization of debt discount
8,410 8,161 Add: separation costs 298 456 Add: restructuring
charges 7,986 45,556 Less: tax effects related to above items
(33,077 ) (25,927 ) Add: separation related tax charges 46,127
— Non-GAAP net income from continuing operations
$151,611 $155,338
Three Months Ended March
31, 2017 2016 Number of shares used
in diluted earnings per share calculations: GAAP weighted
average shares outstanding 158,369 155,945 Less: effect of
convertible note hedges (1,676 ) — Non-GAAP weighted average
shares outstanding 156,693 155,945
Three
Months Ended March 31, 2017 2016
GAAP earnings per share from continuing operations - diluted $0.44
$0.47 Add: stock-based compensation 0.22 0.23 Add: amortization of
product related intangible assets 0.09 0.09 Add: amortization of
other intangible assets 0.02 0.02 Add: amortization of debt
discount 0.06 0.05 Add: restructuring charges 0.05 0.30 Less: tax
effects related to above items (0.21 ) (0.16 ) Add: separation
related tax charges 0.30 — Non-GAAP earnings per
share from continuing operations - diluted $0.97 $1.00
Forward Looking Guidance
For the Three
For the Twelve
Months Ended
Months Ended
June 30,
December 31, 2017 2017 GAAP earnings
per share from continuing operations - diluted $0.70 to $0.74 $3.02
to $3.21 Add: adjustments to exclude the effects of amortization of
intangible assets 0.10 0.42 Add: adjustments to exclude the effects
of expenses related to stock-based compensation 0.18 0.76 Add:
adjustments to exclude the effects of amortization of debt discount
0.06 0.22 Add: adjustments to exclude the effects of restructuring
charges 0.03 0.12 Less: tax effects related to above items (0.07)
to (0.14) (0.19) to (0.43) Add: adjustments to exclude the effects
of separation related tax charges - 0.30 Non-GAAP earnings
per share from continuing operations - diluted $0.97 to $1.00
$4.60 to $4.65
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170426006653/en/
Citrix Systems, Inc.Media Inquiries:Eric Armstrong,
954-267-2977eric.armstrong@citrix.comorCitrix Systems,
Inc.Investor Inquiries:Eduardo Fleites, 954-229-5758eduardo.fleites@citrix.com
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