[July 23, 2014] |
|
Citrix Reports Second Quarter Financial Results
SANTA CLARA, Calif. --(Business Wire)--
Citrix Systems, Inc. (NASDAQ:CTXS) today reported financial results for
the second quarter of fiscal year 2014 ended June 30, 2014.
FINANCIAL RESULTS
For the second quarter of fiscal year 2014, Citrix achieved revenue of
$782 million, compared to $730 million in the second quarter of fiscal
year 2013, representing 7 percent revenue growth.
GAAP Results
Net income for the second quarter of fiscal year 2014 was $53 million,
or $0.31 per diluted share, compared to $64 million, or $0.34 per
diluted share, for the second quarter of fiscal year 2013. The current
quarter GAAP results include impairment charges of approximately $30
million related to certain intangible assets within our Enterprise and
Service Provider division, which are included in amortization of product
related intangible assets, as well as a restructuring charge of
approximately $5 million for severance costs incurred to better align
resources to strategic initiatives. In addition, GAAP net income for the
second quarter of fiscal year 2014 includes net tax benefits of
approximately $9 million, or $0.05 per diluted share, primarily related
to the closing of audits with the IRS for certain tax years.
Non-GAAP Results
Non-GAAP net income for the second quarter of fiscal year 2014 was $142
million, or $0.83 per diluted share, compared to $124 million, or $0.66
per diluted share, for the second quarter of fiscal year 2013. Non-GAAP
net income excludes the effects of amortization of acquired intangible
assets and debt discount, stock-based compensation expenses, the
restructuring program implemented in the first quarter of fiscal year
2014 and the tax effects related to these items. Non-GAAP net income for
the second quarter of fiscal year 2014 includes net tax benefits of
approximately $9 million, or $0.05 per diluted share, primarily related
to the closing of audits with the IRS for certain tax years.
"I'm pleased with our performance and results for Q2," said Mark
Templeton, president and CEO at Citrix. "I'm really proud of how our
team delivered greater operating efficiencies while driving our very
significant pivot to mobility. As we move into the second half, we'll
continue to refine operations to further increase shareholder value and
to stay aggressive with valuable solutions for our customers' mobility
needs.
"And, on a personal level, I'm excited to be back, energized, and
looking forward to the future here at Citrix."
Q2 Financial Summary
In reviewing the results for the second quarter of fiscal year 2014,
compared to the second quarter of fiscal year 2013:
-
Product and license revenue increased 2 percent;
-
Software as a service revenue increased 12 percent;
-
Revenue from license updates and maintenance increased 7 percent;
-
Professional services revenue, which is comprised of consulting,
product training and certification, increased 15 percent;
-
Revenue increased in the EMEA and Pacific regions by 8 percent; and
increased in the Americas region by 4 percent;
-
Deferred revenue totaled $1.4 billion as of June 30, 2014, compared to
$1.3 billion as of June 30, 2013, an increase of 12 percent; and
-
Cash flow from operations was $204 million for the second quarter of
fiscal year 2014, compared with $209 million for the second quarter of
fiscal year 2013.
During the second quarter of fiscal year 2014:
-
GAAP gross margin was 78 percent, and non-GAAP gross margin was 85
percent, excluding the effects of amortization of acquired product
related intangible assets and stock-based compensation expense; and
-
GAAP operating margin was 7 percent, and non-GAAP operating margin was
22 percent, excluding the effects of amortization of acquired
intangible assets, stock-based compensation expenses, and costs
associated with the 2014 restructuring program.
-
The company repurchased 20.9 million shares at an average price of
$58.50.
Financial Outlook for Third Quarter 2014
Citrix management expects to achieve the following results for the third
quarter of fiscal year 2014 ending September 30, 2014:
-
Net revenue is targeted to be in the range of $765 million to $775
million;
-
GAAP gross margin is targeted to be in the range of 81 percent to 82
percent. Non-GAAP gross margin is targeted to be in the range of 84
percent to 85 percent, excluding 3 percent related to the effects of
amortization of acquired product related intangible assets and
stock-based compensation expense.
-
GAAP diluted earnings per share is targeted to be in the range of
$0.32 to $0.36. Non-GAAP diluted earnings per share is targeted to be
in the range of $0.70 to $0.73, excluding $0.21 related to the effects
of amortization of acquired intangible assets, $0.28 related to the
effects of stock-based compensation expenses, $0.05 related to the
effects of amortization of debt discount, $0.01 related to the effects
of restructuring charges, and $(0.14) to $(0.21) for the tax effects
related to these items;
The above statements are based on current targets. These statements are
forward-looking, and actual results may differ materially.
Financial Outlook for Fiscal Year 2014
Citrix management expects to achieve the following results for the
fiscal year ending December 31, 2014:
-
Net revenue is targeted to be in the range of 8.5 percent to 10
percent;
-
GAAP gross margin is targeted to be in the range of 80 percent to 81
percent. Non-GAAP gross margin is targeted to be in the range of 84
percent to 85 percent, excluding 4 percent related to the effects of
amortization of acquired product related intangible assets and
stock-based compensation expense.
-
GAAP diluted earnings per share is targeted to be in the range of
$1.62 to $1.67. Non-GAAP diluted earnings per share is targeted to be
in the range of $3.20 to $3.25, excluding $0.96 related to the effects
of amortization of acquired intangible assets, $1.02 related to the
effects of stock-based compensation expenses, $0.12 related to the
effects of amortization of debt discount, $0.10 related to the effects
of restructuring charges, and $(0.57) to $(0.67) for the tax effects
related to these items.
-
GAAP tax rate is targeted to be in the range of 14 percent to 14.5
percent. Non-GAAP tax rate, which excludes the effects of amortization
of acquired intangible assets, stock-based compensation, restructuring
charges and amortization of debt discount, is targeted to be in the
range of 22 percent to 22.5 percent.
The above statements are based on current targets. These statements are
forward-looking, and actual results may differ materially.
Conference Call Information
Citrix will host a conference call today at 4:45 p.m. ET to discuss its
financial results, quarterly highlights and business outlook. The call
will include a slide presentation, and participants are encouraged to
listen to and view the presentation via webcast at http://www.citrix.com/investors.
The conference call may also be accessed by dialing: (888) 799-0519 or
(706) 634-0155, using passcode: CITRIX. A replay of the webcast can be
viewed 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 a leader in mobile workspaces, providing
virtualization, mobility management, networking and cloud services to
enable new ways to work better. Citrix solutions power business mobility
through secure, personal workspaces that provide people with instant
access to apps, desktops, data and communications on any device, over
any network and cloud. This year Citrix is celebrating 25 years of
innovation, making IT simpler and people more productive. With
annual revenue in 2013 of $2.9 billion, Citrix solutions are in use at
more than 330,000 organizations and by over 100 million users globally.
Learn more at www.citrix.com.
For Citrix Investors
This release contains forward-looking statements which are made pursuant
to the safe harbor provisions of Section 27A of the Securities Act of
1933 and of Section 21E of the Securities Exchange Act of 1934. The
forward-looking statements in this release do not constitute guarantees
of future performance. Investors are cautioned that statements in this
press release, which are not strictly historical statements, including,
without limitation, statements by Citrix's chief executive officer,
statements contained in the Financial Outlook for Third Quarter 2014 and
Financial Outlook for Fiscal Year 2014 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 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
desktop virtualization products and collaboration services; the
company's ability to develop and commercialize new products and
services, including its enterprise mobility and cloud platform products,
while growing its established virtualization, networking and
collaboration products and services; disruptions due to changes and
transitions in key personnel and succession risks; the introduction of
new products by competitors or the entry of new competitors into the
markets for Citrix's products and services; changes in our revenue mix
towards products and services with lower gross margins; seasonal
fluctuations in the company's business; failure to execute Citrix's
sales and marketing plans; failure to successfully partner with key
distributors, resellers, system integrators, service providers and
strategic partners and the company's reliance on and the success of
those partners for the marketing and distribution of the company's
products; the company's ability to maintain and expand its business in
small sized and large enterprise accounts; the size, timing and
recognition of revenue from significant orders; the success of
investments in its product groups, foreign operations and vertical and
geographic markets; the ability of Citrix to make suitable acquisitions
on favorable terms in the future; risks associated with Citrix's
acquisitions, including failure to further develop and successfully
market the technology and products of acquired companies, failure to
achieve or maintain anticipated revenues and operating performance
contributions from acquisitions, which could dilute earnings, the
retention of key employees from acquired companies, difficulties and
delays integrating personnel, operations, technologies and products,
disruption to our ongoing business and diversion of management's
attention from our ongoing business; the recruitment and retention of
qualified employees; risks in effectively controlling operating
expenses, including failure to manage untargeted 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;
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 the impairment of acquired assets,
investments or licenses; international market readiness, execution and
other risks associated with the markets for Citrix's products and
services; unanticipated changes in tax rates, non-renewal of tax credits
or exposure to additional tax liabilities; risks of political and social
turmoil; and other risks detailed in the company's filings with the
Securities and Exchange Commission. Citrix assumes no obligation to
update any forward-looking information contained in this press release
or with respect to the announcements described herein.
Citrix® is a trademarks or registered trademarks of Citrix Systems, Inc.
and/or one or more of its subsidiaries, and may be registered in the
U.S. Patent and Trademark Office and in other countries. All other
trademarks and registered trademarks are property of their respective
owners.
CITRIX SYSTEMS, INC.
|
|
Condensed Consolidated Statements of Income
|
|
(In thousands, except per share data - unaudited)
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Revenues:
|
|
|
|
|
|
|
|
|
Product and licenses
|
|
$231,792
|
|
$227,215
|
|
$439,216
|
|
$420,298
|
Software as a service
|
|
160,779
|
|
143,858
|
|
317,911
|
|
281,424
|
License updates and maintenance
|
|
347,041
|
|
322,895
|
|
690,799
|
|
638,633
|
Professional services
|
|
41,948
|
|
36,416
|
|
84,453
|
|
62,928
|
Total net revenues
|
|
781,560
|
|
730,384
|
|
1,532,379
|
|
1,403,283
|
|
|
|
|
|
|
|
|
|
Cost of net revenues:
|
|
|
|
|
|
|
|
|
Cost of product and licenses revenues
|
|
32,762
|
|
31,700
|
|
64,099
|
|
57,494
|
Cost of services and maintenance revenues
|
|
88,099
|
|
71,198
|
|
166,782
|
|
135,609
|
Amortization of product related intangible assets
|
|
54,395
|
|
24,342
|
|
78,701
|
|
49,051
|
Total cost of net revenues
|
|
175,256
|
|
127,240
|
|
309,582
|
|
242,154
|
Gross margin
|
|
606,304
|
|
603,144
|
|
1,222,797
|
|
1,161,129
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Research and development
|
|
140,375
|
|
132,299
|
|
273,993
|
|
262,791
|
Sales, marketing and services
|
|
321,539
|
|
317,096
|
|
638,035
|
|
614,778
|
General and administrative
|
|
75,015
|
|
67,343
|
|
147,403
|
|
130,128
|
Amortization of other intangible assets
|
|
10,445
|
|
10,518
|
|
22,899
|
|
20,936
|
Restructuring
|
|
4,511
|
|
-
|
|
14,161
|
|
-
|
Total operating expenses
|
|
551,885
|
|
527,256
|
|
1,096,491
|
|
1,028,633
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
54,419
|
|
75,888
|
|
126,306
|
|
132,496
|
|
|
|
|
|
|
|
|
|
Other (expense) income, net
|
|
(3,391)
|
|
1,375
|
|
(6,523)
|
|
2,571
|
Income before income taxes
|
|
51,028
|
|
77,263
|
|
119,783
|
|
135,067
|
|
|
|
|
|
|
|
|
|
Income tax (benefit) expense
|
|
(1,996)
|
|
12,802
|
|
10,820
|
|
10,918
|
Net income
|
|
$53,024
|
|
$64,461
|
|
$108,963
|
|
$124,149
|
|
|
|
|
|
|
|
|
|
Earnings per common share - diluted
|
|
$0.31
|
|
$0.34
|
|
$0.61
|
|
$0.66
|
Weighted average shares outstanding - diluted
|
|
170,891
|
|
188,486
|
|
178,246
|
|
188,750
|
|
CITRIX SYSTEMS, INC.
|
|
Condensed Consolidated Balance Sheets
|
|
(In thousands - unaudited)
|
|
|
|
|
|
|
|
June 30, 2014
|
|
December 31, 2013
|
ASSETS:
|
|
|
|
|
Cash and cash equivalents
|
|
$279,402
|
|
$280,740
|
Short-term investments
|
|
540,996
|
|
453,976
|
Accounts receivable, net
|
|
506,409
|
|
654,821
|
Inventories, net
|
|
14,206
|
|
14,107
|
Prepaid expenses and other current assets
|
|
152,755
|
|
110,981
|
Current portion of deferred tax assets, net
|
|
47,802
|
|
48,470
|
Total current assets
|
|
1,541,570
|
|
1,563,095
|
|
|
|
|
|
Long-term investments
|
|
975,676
|
|
855,700
|
Property and equipment, net
|
|
339,832
|
|
338,996
|
Goodwill
|
|
1,790,035
|
|
1,768,949
|
Other intangible assets, net
|
|
445,643
|
|
509,595
|
Long-term portion of deferred tax assets, net
|
|
90,480
|
|
115,418
|
Other assets
|
|
65,980
|
|
60,496
|
Total assets
|
|
$5,249,216
|
|
$5,212,249
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY:
|
|
|
|
|
Accounts payable
|
|
79,621
|
|
78,452
|
Accrued expenses and other current liabilities
|
|
280,038
|
|
257,606
|
Income taxes payable
|
|
5,188
|
|
29,322
|
Current portion of deferred revenues
|
|
1,110,748
|
|
1,098,681
|
Total current liabilities
|
|
1,475,595
|
|
1,464,061
|
|
|
|
|
|
Long-term portion of deferred revenues
|
|
319,244
|
|
313,059
|
Convertible notes
|
|
1,277,289
|
|
-
|
Other liabilities
|
|
73,191
|
|
115,322
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
Common stock
|
|
293
|
|
291
|
Additional paid-in capital
|
|
3,896,459
|
|
3,974,297
|
Retained earnings
|
|
3,012,504
|
|
2,903,541
|
Accumulated other comprehensive income
|
|
1,752
|
|
4,951
|
Less - common stock in treasury, at cost
|
|
(4,807,111)
|
|
(3,563,273)
|
Total stockholders' equity
|
|
2,103,897
|
|
3,319,807
|
Total liabilities and stockholders' equity
|
|
$5,249,216
|
|
$5,212,249
|
|
CITRIX SYSTEMS, INC.
|
Condensed Consolidated Statement of Cash Flows
|
|
(In thousands - unaudited)
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2014
|
|
Six Months Ended
June 30, 2014
|
OPERATING ACTIVITIES
|
|
|
|
|
Net Income
|
|
$53,024
|
|
$108,963
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
Amortization and depreciation
|
|
98,764
|
|
168,795
|
Amortization of debt discount and transaction costs
|
|
5,780
|
|
5,780
|
Stock-based compensation expense
|
|
45,290
|
|
85,991
|
Provision for accounts receivable allowances
|
|
1,368
|
|
2,562
|
Deferred income tax benefit
|
|
(9,925)
|
|
(12,399)
|
Other non-cash items
|
|
(3,768)
|
|
(5,292)
|
Total adjustments to reconcile net income to net cash
|
|
137,509
|
|
245,437
|
provided by operating activities
|
|
|
|
|
Changes in operating assets and liabilities, net of the effects of
acquisitions:
|
|
|
|
|
Accounts receivable
|
|
3,230
|
|
146,204
|
Inventory
|
|
(2,204)
|
|
(1,087)
|
Prepaid expenses and other current assets
|
|
(1,190)
|
|
(8,714)
|
Other assets
|
|
2,368
|
|
4,469
|
Deferred revenues
|
|
19,189
|
|
18,251
|
Accounts payable
|
|
4,055
|
|
2,743
|
Income taxes, net
|
|
(37,834)
|
|
(59,377)
|
Accrued expenses
|
|
24,409
|
|
35,007
|
Other liabilities
|
|
984
|
|
(480)
|
Total changes in operating assets and liabilities, net of the
effects of acquisitions
|
|
13,007
|
|
137,016
|
Net cash provided by operating activities
|
|
203,540
|
|
491,416
|
INVESTING ACTIVITIES
|
|
|
|
|
Proceeds (purchases) of available-for-sale investments, net
|
|
16,247
|
|
(203,467)
|
Purchases of property and equipment
|
|
(36,672)
|
|
(67,141)
|
Cash paid for acquisitions, net of cash acquired
|
|
(17,188)
|
|
(41,342)
|
Proceeds from sales of cost method investments
|
|
1,981
|
|
2,784
|
Purchases of cost method investments
|
|
(661)
|
|
(1,427)
|
Cash paid for licensing and core technology
|
|
(9,016)
|
|
(9,727)
|
Net cash used in investing activities
|
|
(45,309)
|
|
(320,320)
|
FINANCING ACTIVITIES
|
|
|
|
|
Proceeds from issuance of common stock under stock-based
compensation plans
|
|
10,137
|
|
18,095
|
Proceeds from issuance of convertible notes, net of debt issuance
costs
|
|
1,415,717
|
|
1,415,717
|
Purchase of convertible note hedges
|
|
(184,288)
|
|
(184,288)
|
Proceeds from issuance of warrants
|
|
101,775
|
|
101,775
|
Repayment of acquired debt
|
|
-
|
|
(3,766)
|
Excess tax benefit from stock-based compensation
|
|
672
|
|
3,004
|
Stock repurchases, net
|
|
(1,500,998)
|
|
(1,500,998)
|
Cash paid for tax withholding on vested stock awards
|
|
(20,524)
|
|
(22,840)
|
Net cash used in financing activities
|
|
(177,509)
|
|
(173,301)
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
161
|
|
867
|
Change in cash and cash equivalents
|
|
(19,117)
|
|
(1,338)
|
Cash and cash equivalents at beginning of period
|
|
298,519
|
|
280,740
|
Cash and cash equivalents at end of period
|
|
$279,402
|
|
$279,402
|
|
|
|
|
|
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 program
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
program, which relate to reductions in headcount 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 related
to newly acquired intangible assets and debt discount, additional
charges related to its restructuring program 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 and operating margin data - unaudited)
The following tables show the non-GAAP financial measures used in this
press release reconciled to the most directly comparable GAAP financial
measures.
|
|
Three Months
Ended June 30,
2014
|
GAAP gross margin
|
|
77.6%
|
Add: stock-based compensation
|
|
0.1
|
Add: amortization of product related intangible assets
|
|
6.9
|
Non-GAAP gross margin
|
|
84.6%
|
|
|
Three Months
Ended June 30,
2014
|
GAAP operating margin
|
|
7.0%
|
Add: stock-based compensation
|
|
5.8
|
Add: amortization of product related intangible assets
|
|
6.9
|
Add: amortization of other intangible assets
|
|
1.3
|
Add: restructuring charges
|
|
0.6
|
Non-GAAP operating margin
|
|
21.6%
|
|
|
Three Months Ended June 30,
|
|
|
2014
|
|
2013
|
GAAP net income
|
|
$53,024
|
|
$64,461
|
Add: stock-based compensation
|
|
45,289
|
|
47,857
|
Add: amortization of product related intangible assets
|
|
54,395
|
|
24,342
|
Add: amortization of other intangible assets
|
|
10,445
|
|
10,518
|
Add: amortization of debt discount
|
|
5,169
|
|
-
|
Add: restructuring charges
|
|
4,511
|
|
-
|
Less: tax effects related to above items
|
|
(30,901)
|
|
(22,745)
|
Non-GAAP net income
|
|
$141,932
|
|
$124,433
|
|
|
Three Months Ended June 30,
|
|
|
2014
|
|
2013
|
GAAP earnings per share - diluted
|
|
$0.31
|
|
$0.34
|
Add: stock-based compensation
|
|
0.26
|
|
0.25
|
Add: amortization of product related intangible assets
|
|
0.32
|
|
0.13
|
Add: amortization of other intangible assets
|
|
0.06
|
|
0.06
|
Add: amortization of debt discount
|
|
0.03
|
|
-
|
Add: restructuring charges
|
|
0.03
|
|
-
|
Less: tax effects related to above items
|
|
(0.18)
|
|
(0.12)
|
Non-GAAP earnings per share - diluted
|
|
$0.83
|
|
$0.66
|
CITRIX SYSTEMS, INC.
Forward Looking Guidance
|
|
Three Months Ended
September 30, 2014
|
|
Twelve Months Ended
December 31, 2014
|
GAAP gross margin
|
|
80.8% to 81.8%
|
|
80.0% to 81.0%
|
Add: stock-based compensation
|
|
0.1
|
|
0.1
|
Add: amortization of product related intangible assets
|
|
3.1
|
|
3.9
|
Non-GAAP gross margin
|
|
84.0% to 85.0%
|
|
84.0% to 85.0%
|
|
|
For the Three Months Ended
September 30,
|
|
For the Twelve Months Ended
December 31,
|
|
|
2014
|
|
2014
|
GAAP earnings per share - diluted
|
|
$0.32 to $0.36
|
|
$1.62 to $1.67
|
Add: adjustments to exclude the effects of amortization of
intangible assets
|
|
0.21
|
|
0.96
|
Add: adjustments to exclude the effects of expenses related to
stock-based compensation
|
|
0.28
|
|
1.02
|
|
|
|
|
|
Add: adjustments to exclude the effects of amortization of debt
discount
|
|
0.05
|
|
0.12
|
Add: adjustments to exclude the effects of restructuring charges
|
|
0.01
|
|
0.10
|
Less: tax effects related to above items
|
|
(0.14) to (0.21)
|
|
(0.57) to (0.67)
|
Non-GAAP earnings per share - diluted
|
|
$0.70 to $0.73
|
|
$3.20 to $3.25
|
|
|
|
For the Twelve Months Ended
December 31,
|
|
|
2014
|
GAAP tax rate
|
|
14.0% to 14.5%
|
Add: tax effects of stock-based
|
|
|
compensation, restructuring charges and
|
|
|
amortization of intangible assets and debt
|
|
|
discount
|
|
8.0
|
Non-GAAP tax rate
|
|
22.0% to 22.5%
|
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