[October 22, 2014] |
|
Citrix Reports Third Quarter Financial Results
SANTA CLARA, Calif. --(Business Wire)--
Citrix Systems, Inc. (NASDAQ:CTXS) today reported financial results for
the third quarter of fiscal year 2014 ended September 30, 2014.
FINANCIAL RESULTS
For the third quarter of fiscal year 2014, Citrix achieved revenue of
$759 million, compared to $713 million in the third quarter of fiscal
year 2013, representing 6 percent revenue growth.
GAAP Results
Net income for the third quarter of fiscal year 2014 was $48 million, or
$0.29 per diluted share, compared to $77 million, or $0.41 per diluted
share, for the third quarter of fiscal year 2013. GAAP results for the
third quarter of fiscal year 2014 include a charge of approximately $21
million related to a previously disclosed patent lawsuit, as well as a
restructuring charge of $3 million for severance costs incurred to
better align resources to strategic initiatives.
Non-GAAP Results
Non-GAAP net income for the third quarter of fiscal year 2014 was $125
million, or $0.75 per diluted share, compared to $132 million, or $0.70
per diluted share, for the third quarter of fiscal year 2013. Non-GAAP
net income for the third quarters of fiscal year 2014 and 2013 exclude
the effects of amortization of acquired intangible assets and
stock-based compensation expense and the tax effects related to these
items. Non-GAAP net income for third quarter of fiscal year 2014 also
excludes charges related to amortization of debt discount, a previously
disclosed patent lawsuit and the restructuring program implemented in
the first quarter of fiscal year 2014 and the tax effects related to
these items.
"I am pleased with our operational and strategic performance in Q3,"
said Mark Templeton, CEO for Citrix.
"While our results were clearly mixed, we executed well in many
important areas including product releases, go-to market investments and
partnership initiatives, all while maintaining focus on operational
refinements and profitability."
Q3 Financial Summary
In reviewing the results for the third quarter of fiscal year 2014,
compared to the third quarter of fiscal year 2013:
-
Product and license revenue decreased 4 percent;
-
Software as a service revenue increased 12 percent;
-
Revenue from license updates and maintenance increased 9 percent;
-
Professional services revenue, which is comprised of consulting,
product training and certification, increased 25 percent;
-
Revenue increased in the EMEA region by 8 percent; increased in the
Americas region by 4 percent and increased in the Pacific region by 4
percent;
-
Deferred revenue totaled $1.40 billion as of September 30, 2014,
compared to $1.27 billion as of September 30, 2013, an increase of 11
percent; and
-
Cash flow from operations was $164 million for the third quarter of
fiscal year 2014, compared with $223 million for the third quarter of
fiscal year 2013.
During the third quarter of fiscal year 2014:
-
GAAP gross margin was 82 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;
-
GAAP operating margin was 8 percent, and non-GAAP operating margin was
21 percent, excluding the effects of amortization of acquired
intangible assets, stock-based compensation expense, the charge
related to a previously disclosed patent lawsuit, and costs associated
with the 2014 restructuring program; and
-
The company repurchased 1.5 million shares at an average price of
$69.48.
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 $3.13 billion to $3.14
billion;
-
GAAP diluted earnings per share is targeted to be in the range of
$1.57 to $1.58. Non-GAAP diluted earnings per share is targeted to be
in the range of $3.22 to $3.25, excluding $0.96 related to the effects
of amortization of acquired intangible assets, $1.00 related to the
effects of stock-based compensation expense, $0.12 related to the
charge for a previously disclosed patent lawsuit, $0.12 related to the
effects of amortization of debt discount, $0.12 related to the effects
of restructuring charges, and $(0.64) to $(0.68) for the tax effects
related to these items.
The above statements are based on current targets. These statements are
forward-looking, and actual results may differ materially.
Conference Call Information
Citrix will host a conference call today at 4:45 p.m. ET to discuss its
financial results, quarterly highlights 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 Fiscal Year 2014 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 virtualization products and collaboration services;
the company's ability to develop and commercialize new products and
services, including its enterprise mobility products, while growing its
established virtualization, networking and collaboration products and
services; disruptions due to reorganizations, 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 a write-off or impairment
of acquired assets, underperforming businesses, investments or licenses;
international market readiness, execution and other risks associated
with the markets for Citrix's products and services; unanticipated
changes in tax rates, non-renewal of tax credits or exposure to
additional tax liabilities; risks of political and social turmoil; and
other risks detailed in the company's filings with the Securities and
Exchange Commission. Citrix assumes no obligation to update any
forward-looking information contained in this press release or with
respect to the announcements described herein.
Citrix® is a trademarks or registered trademarks of Citrix Systems, Inc.
and/or one or more of its subsidiaries, and may be registered in the
U.S. Patent and Trademark Office and in other countries. All other
trademarks and registered trademarks are property of their respective
owners.
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CITRIX SYSTEMS, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data - unaudited)
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Revenues:
|
|
|
|
|
|
|
|
|
Product and licenses
|
|
$193,153
|
|
|
$201,443
|
|
$632,369
|
|
|
$621,741
|
Software as a service
|
|
165,253
|
|
|
148,179
|
|
483,164
|
|
|
429,603
|
License updates and maintenance
|
|
358,266
|
|
|
329,384
|
|
1,049,065
|
|
|
986,017
|
Professional services
|
|
42,322
|
|
|
33,725
|
|
126,775
|
|
|
96,653
|
Total net revenues
|
|
758,994
|
|
|
712,731
|
|
2,291,373
|
|
|
2,116,014
|
|
|
|
|
|
|
|
|
|
Cost of net revenues:
|
|
|
|
|
|
|
|
|
Cost of product and licenses revenues
|
|
24,045
|
|
|
26,971
|
|
88,144
|
|
|
84,465
|
Cost of services and maintenance revenues
|
|
87,981
|
|
|
72,632
|
|
254,763
|
|
|
208,241
|
Amortization of product related intangible assets
|
|
23,959
|
|
|
24,330
|
|
102,660
|
|
|
73,381
|
Total cost of net revenues
|
|
135,985
|
|
|
123,933
|
|
445,567
|
|
|
366,087
|
Gross margin
|
|
623,009
|
|
|
588,798
|
|
1,845,806
|
|
|
1,749,927
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Research and development
|
|
137,877
|
|
|
127,049
|
|
411,870
|
|
|
389,840
|
Sales, marketing and services
|
|
318,252
|
|
|
300,416
|
|
956,287
|
|
|
915,194
|
General and administrative
|
|
95,203
|
|
|
63,580
|
|
242,606
|
|
|
193,708
|
Amortization of other intangible assets
|
|
9,956
|
|
|
10,386
|
|
32,855
|
|
|
31,322
|
Restructuring
|
|
3,124
|
|
|
-
|
|
17,285
|
|
|
-
|
Total operating expenses
|
|
564,412
|
|
|
501,431
|
|
1,660,903
|
|
|
1,530,064
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
58,597
|
|
|
87,367
|
|
184,903
|
|
|
219,863
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
2,411
|
|
|
2,079
|
|
6,705
|
|
|
6,062
|
Interest expense
|
|
10,551
|
|
|
41
|
|
17,601
|
|
|
102
|
Other (expense) income, net
|
|
(2,235
|
)
|
|
1,400
|
|
(6,002
|
)
|
|
49
|
Income before income taxes
|
|
48,222
|
|
|
90,805
|
|
168,005
|
|
|
225,872
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
690
|
|
|
14,075
|
|
11,510
|
|
|
24,993
|
Net income
|
|
$47,532
|
|
|
$76,730
|
|
$156,495
|
|
|
$200,879
|
|
|
|
|
|
|
|
|
|
Earnings per common share - diluted
|
|
$0.29
|
|
|
$0.41
|
|
$0.90
|
|
|
$1.06
|
Weighted average shares outstanding - diluted
|
|
165,713
|
|
|
188,980
|
|
174,023
|
|
|
188,830
|
|
|
|
|
|
|
|
|
|
|
|
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CITRIX SYSTEMS, INC.
Condensed Consolidated Balance Sheets
(In thousands - unaudited)
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|
|
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|
|
|
September 30, 2014
|
|
December 31, 2013
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ASSETS:
|
|
|
|
|
Cash and cash equivalents
|
|
$242,787
|
|
|
$280,740
|
|
Short-term investments
|
|
504,436
|
|
|
453,976
|
|
Accounts receivable, net
|
|
465,558
|
|
|
654,821
|
|
Inventories, net
|
|
16,483
|
|
|
14,107
|
|
Prepaid expenses and other current assets
|
|
164,877
|
|
|
110,981
|
|
Current portion of deferred tax assets, net
|
|
50,569
|
|
|
48,470
|
|
Total current assets
|
|
1,444,710
|
|
|
1,563,095
|
|
|
|
|
|
|
Long-term investments
|
|
1,073,232
|
|
|
855,700
|
|
Property and equipment, net
|
|
353,720
|
|
|
338,996
|
|
Goodwill
|
|
1,782,645
|
|
|
1,768,949
|
|
Other intangible assets, net
|
|
414,751
|
|
|
509,595
|
|
Long-term portion of deferred tax assets, net
|
|
94,021
|
|
|
115,418
|
|
Other assets
|
|
68,398
|
|
|
60,496
|
|
Total assets
|
|
$5,231,477
|
|
|
$5,212,249
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|
|
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LIABILITIES AND STOCKHOLDERS' EQUITY:
|
|
|
|
|
Accounts payable
|
|
85,802
|
|
|
78,452
|
|
Accrued expenses and other current liabilities
|
|
286,689
|
|
|
257,606
|
|
Income taxes payable
|
|
2,497
|
|
|
29,322
|
|
Current portion of deferred revenues
|
|
1,087,459
|
|
|
1,098,681
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|
Total current liabilities
|
|
1,462,447
|
|
|
1,464,061
|
|
|
|
|
|
|
Long-term portion of deferred revenues
|
|
316,097
|
|
|
313,059
|
|
Convertible notes
|
|
1,285,092
|
|
|
-
|
|
Other liabilities
|
|
71,503
|
|
|
115,322
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
Common stock
|
|
294
|
|
|
291
|
|
Additional paid-in capital
|
|
3,968,544
|
|
|
3,974,297
|
|
Retained earnings
|
|
3,060,036
|
|
|
2,903,541
|
|
Accumulated other comprehensive (loss) income
|
|
(20,499
|
)
|
|
4,951
|
|
Less - common stock in treasury, at cost
|
|
(4,912,037
|
)
|
|
(3,563,273
|
)
|
Total stockholders' equity
|
|
2,096,338
|
|
|
3,319,807
|
|
Total liabilities and stockholders' equity
|
|
$5,231,477
|
|
|
$5,212,249
|
|
|
|
|
|
|
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|
|
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CITRIX SYSTEMS, INC.
Condensed Consolidated Statement of Cash Flows
(In thousands - unaudited)
|
|
|
|
|
|
|
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Three Months Ended September 30, 2014
|
|
Nine Months Ended September 30, 2014
|
OPERATING ACTIVITIES
|
|
|
|
|
Net Income
|
|
$47,532
|
|
|
$156,495
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
Amortization and depreciation
|
|
68,021
|
|
|
236,816
|
|
Amortization of debt discount and transaction costs
|
|
8,724
|
|
|
14,504
|
|
Stock-based compensation expense
|
|
42,449
|
|
|
128,440
|
|
Provision for accounts receivable allowances
|
|
2,128
|
|
|
4,690
|
|
Deferred income tax benefit
|
|
(12,715
|
)
|
|
(25,114
|
)
|
Other non-cash items
|
|
1,331
|
|
|
735
|
|
Total adjustments to reconcile net income to net cash
|
|
109,938
|
|
|
360,071
|
|
provided by operating activities
|
|
|
|
|
Changes in operating assets and liabilities, net of the effects of
acquisitions:
|
|
|
|
|
Accounts receivable
|
|
36,338
|
|
|
182,542
|
|
Inventory
|
|
(3,255
|
)
|
|
(4,342
|
)
|
Prepaid expenses and other current assets
|
|
2,951
|
|
|
(5,763
|
)
|
Other assets
|
|
(2,818
|
)
|
|
1,651
|
|
Deferred revenues
|
|
(26,434
|
)
|
|
(8,183
|
)
|
Accounts payable
|
|
4,783
|
|
|
7,526
|
|
Income taxes, net
|
|
(23,107
|
)
|
|
(87,180
|
)
|
Accrued expenses
|
|
18,839
|
|
|
53,846
|
|
Other liabilities
|
|
(633
|
)
|
|
(1,113
|
)
|
Total changes in operating assets and liabilities, net of the
effects of acquisitions
|
|
6,664
|
|
|
138,984
|
|
Net cash provided by operating activities
|
|
164,134
|
|
|
655,550
|
|
INVESTING ACTIVITIES
|
|
|
|
|
Purchases of available-for-sale investments, net
|
|
(62,367
|
)
|
|
(265,834
|
)
|
Purchases of property and equipment
|
|
(48,301
|
)
|
|
(115,442
|
)
|
Cash paid for acquisitions, net of cash acquired
|
|
(2,000
|
)
|
|
(43,342
|
)
|
Proceeds related to cost method investments
|
|
1,123
|
|
|
3,907
|
|
Purchases of cost method investments
|
|
(1,396
|
)
|
|
(2,823
|
)
|
Cash paid for licensing and core technology
|
|
(2,985
|
)
|
|
(12,712
|
)
|
Net cash used in investing activities
|
|
(115,926
|
)
|
|
(436,246
|
)
|
FINANCING ACTIVITIES
|
|
|
|
|
Proceeds from issuance of common stock under stock-based
compensation plans
|
|
20,579
|
|
|
38,674
|
|
Proceeds from issuance of convertible notes, net of debt issuance
costs
|
|
-
|
|
|
1,415,717
|
|
Purchase of convertible note hedges
|
|
-
|
|
|
(184,288
|
)
|
Proceeds from issuance of warrants
|
|
-
|
|
|
101,775
|
|
Repayment of acquired debt
|
|
-
|
|
|
(3,766
|
)
|
Excess tax benefit from stock-based compensation
|
|
2,118
|
|
|
5,122
|
|
Stock repurchases, net
|
|
(99,988
|
)
|
|
(1,600,986
|
)
|
Cash paid for tax withholding on vested stock awards
|
|
(4,937
|
)
|
|
(27,777
|
)
|
Net cash used in financing activities
|
|
(82,228
|
)
|
|
(255,529
|
)
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
(2,595
|
)
|
|
(1,728
|
)
|
Change in cash and cash equivalents
|
|
(36,615
|
)
|
|
(37,953
|
)
|
Cash and cash equivalents at beginning of period
|
|
279,402
|
|
|
280,740
|
|
Cash and cash equivalents at end of period
|
|
$242,787
|
|
|
$242,787
|
|
|
|
|
|
|
|
|
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,
significant litigation charges 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.
-
Charges or benefits related to significant litigation are not
anticipated to be ongoing costs; and, thus, are outside of the normal
operations of the Company's business. These charges or benefits are
recorded in the period when it is probable a liability had been
incurred and the amount of loss can be reasonably estimated even
though the subject matter of the underlying dispute may relate to
multiple or different periods. As such, the Company believes that
these expenses do not accurately reflect the underlying performance of
continuing operations for the period in which they are incurred.
These non-GAAP financial measures are not prepared in accordance with
accounting principles generally accepted in the United States ("GAAP")
and may differ from the non-GAAP information used by other companies.
There are significant limitations associated with the use of non-GAAP
financial measures. The additional non-GAAP financial information
presented here should be considered in conjunction with, and not as a
substitute for or superior to, the financial information presented in
accordance with GAAP (such as net income and earnings per share) and
should not be considered measures of the Company's liquidity.
Furthermore, the Company in the future may exclude amortization related
to newly acquired intangible assets and debt discount, additional
charges related to its restructuring program, significant litigation
charges and the related tax effects from financial measures that it
releases, and the Company expects to continue to incur stock-based
compensation expenses.
CITRIX SYSTEMS, INC.
Non-GAAP Financial Measures Reconciliation
(In thousands, except per share, gross margin and operating margin data
- unaudited)
The following tables show the non-GAAP financial measures used in this
press release reconciled to the most directly comparable GAAP financial
measures.
|
|
Three Months Ended September 30, 2014
|
GAAP gross margin
|
|
82.1%
|
Add: stock-based compensation
|
|
0.1
|
Add: amortization of product related intangible assets
|
|
3.1
|
Non-GAAP gross margin
|
|
85.3%
|
|
|
|
|
|
Three Months Ended September 30, 2014
|
GAAP operating margin
|
|
7.7%
|
Add: stock-based compensation
|
|
5.7
|
Add: amortization of product related intangible assets
|
|
3.1
|
Add: amortization of other intangible assets
|
|
1.3
|
Add: restructuring charges
|
|
0.4
|
Add: charge related to a previously disclosed patent lawsuit
|
|
2.7
|
Non-GAAP operating margin
|
|
20.9%
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
2014
|
|
2013
|
GAAP net income
|
|
$47,532
|
|
$76,730
|
Add: stock-based compensation
|
|
42,449
|
|
45,893
|
Add: amortization of product related intangible assets
|
|
23,959
|
|
24,330
|
Add: amortization of other intangible assets
|
|
9,956
|
|
10,386
|
Add: amortization of debt discount
|
|
7,802
|
|
-
|
Add: restructuring charges
|
|
3,124
|
|
-
|
Add: charge related to a previously disclosed patent lawsuit
|
|
20,727
|
|
|
Less: tax effects related to above items
|
|
(30,932)
|
|
(25,521)
|
Non-GAAP net income
|
|
$124,617
|
|
$131,818
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
2014
|
|
2013
|
GAAP earnings per share - diluted
|
|
$0.29
|
|
$0.41
|
Add: stock-based compensation
|
|
0.26
|
|
0.24
|
Add: amortization of product related intangible assets
|
|
0.14
|
|
0.13
|
Add: amortization of other intangible assets
|
|
0.06
|
|
0.06
|
Add: amortization of debt discount
|
|
0.05
|
|
-
|
Add: restructuring charges
|
|
0.02
|
|
-
|
Add: charge related to a previously disclosed patent lawsuit
|
|
0.12
|
|
|
Less: tax effects related to above items
|
|
(0.19)
|
|
(0.14)
|
Non-GAAP earnings per share - diluted
|
|
$0.75
|
|
$0.70
|
|
|
|
|
|
|
|
|
CITRIX SYSTEMS, INC.
Forward Looking Guidance
|
|
|
|
|
|
For the Twelve Months Ended December 31,
|
|
|
2014
|
GAAP earnings per share - diluted
|
|
$1.57 to $1.58
|
Add: adjustments to exclude the effects of amortization of
intangible assets
|
|
0.96
|
Add: adjustments to exclude the effects of expenses related to
stock-based compensation
|
|
1.00
|
Add: charge related to a previously disclosed patent lawsuit
|
|
0.12
|
Add: adjustments to exclude the effects of amortization of debt
discount
|
|
0.12
|
Add: adjustments to exclude the effects of restructuring charges
|
|
0.12
|
Less: tax effects related to above items
|
|
(0.64) to (0.68)
|
Non-GAAP earnings per share - diluted
|
|
$3.22 to $3.25
|
|
|
|
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