We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Citrix Systems Inc | NASDAQ:CTXS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 103.90 | 103.51 | 98.71 | 0 | 01:00:00 |
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:
During the first quarter of fiscal year 2017:
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:
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:
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 $ 6,390,227CITRIX 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:
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 156,693 155,945Three 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 TwelveMonths Ended
Months EndedJune 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
1 Year Citrix Systems Chart |
1 Month Citrix Systems Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions