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Citrix Reports Third Quarter Financial Results

Quarterly revenue of $713 million up 11% year over year. Cash flow from operations of $223 million up 23% year over year. Third quarter GAAP diluted earnings per share of $0,41. Third quarter non-GAAP diluted earnings per share of $0,70. Board of directors authorizes $500 million increase to share repurchase program.

SANTA CLARA, Calif. — Citrix Systems, Inc. (NASDAQ:CTXS) today reported financial results for the third quarter of fiscal year 2013 ended September 30, 2013.

FINANCIAL RESULTS

For the third quarter of fiscal year 2013, Citrix achieved revenue of $713 million, compared to $641 million in the third quarter of fiscal year 2012, representing 11 percent revenue growth.

GAAP Results

Net income for the third quarter of fiscal year 2013 was $77 million, or $0,41 per diluted share, compared to $78 million, or $0,41 per diluted share, for the third quarter of fiscal year 2012.

Non-GAAP Results

Non-GAAP net income for the third quarter of fiscal year 2013 was $132 million, or $0,70 per diluted share, compared to $128 million, or $0,68 per diluted share, for the third quarter of fiscal year 2012.  Non-GAAP net income excludes the effects of amortization of acquired intangible assets, stock-based compensation expenses and the tax effects related to these items.

In addition to quarterly financial results, Citrix also announced that its Board of Directors has authorized it to repurchase up to an additional $500 million of its common stock. As of September 30, 2013, approximately $179 million remained for repurchases from previous authorizations.

“A number of factors influenced our results for the third quarter,” said David Henshall, acting chief executive officer for Citrix.  “In addition to an uneven spending environment, we saw some customers delay buying decisions while they evaluate our newly released platforms in the desktop and mobile business.

“However, we are very encouraged by the strong interest in our solutions as evidenced by a record pipeline for these opportunities. Enterprise mobility and cloud services represent an accelerating transformation in the workplace, and we are uniquely positioned to help our customers change the way they work, the devices and apps they use, and the way services are delivered.”

Q3 Financial Summary

In reviewing the results for the third quarter of fiscal year 2013, compared to the third quarter of fiscal year 2012:

  • Product and license revenue increased 3 percent;
  • Software as a service revenue increased 14 percent;
  • Revenue from license updates and maintenance increased 16 percent;
  • Professional services revenue, which is comprised of consulting, product training and certification, increased 9 percent;
  • Net revenue increased in the EMEA region by 15 percent, increased in the Americas region by 9 percent and increased in the Pacific region by 7 percent;
  • Deferred revenue totaled $1,27 billion as of September 30, 2013, compared to $1,05 billion as of September 30, 2012, an increase of 21%; and
  • Cash flow from operations was $223 million for the third quarter of fiscal year 2013, compared with $181 million for the third quarter of fiscal year 2012.

During the third quarter of fiscal year 2013:

  • GAAP gross margin was 83 percent and non-GAAP gross margin was 86 percent, excluding the effects of amortization of acquired product related intangible assets and stock-based compensation expense.
  • GAAP operating margin was 12 percent and non-GAAP operating margin was 24 percent, excluding the effects of amortization of acquired intangible assets and stock-based compensation expense.
  • The company repurchased 0,8 million shares at an average price of $72,05.

Financial Outlook for Fourth Quarter 2013

Citrix management expects to achieve the following results for the fourth quarter of fiscal year 2013 ending December 31, 2013:

  • Net revenue is targeted to be in the range of $800 million to $810 million;
  • GAAP diluted earnings per share is targeted to be in the range of $0,66 to $0,70. Non-GAAP diluted earnings per share is targeted to be in the range of $0,95 to $1,00, excluding $0,19 related to the effects of amortization of acquired intangible assets, $0,26 related to the effects of stock-based compensation expenses, and $(0,11) to $(0,20) 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.

zu Citrix

Citrix (NASDAQ:CTXS) is a cloud company that enables mobile workstyles—empowering people to work and collaborate from anywhere, securely accessing apps and data on any of the latest devices, as easily as they would in their own office. Lösungen von Citrix unterstützen IT- und Service-Provider beim Aufbau von Clouds. Damit lassen sich Virtualisierungs- und Netzwerktechnologien für die Bereitstellung leistungsstarker, flexibler und kostengünstiger Cloud-Services nutzen. With market-leading cloud solutions for mobility, desktop virtualization, networking, cloud platforms, collaboration and data sharing, Citrix helps organizations of all sizes achieve the speed and agility necessary to succeed in a mobile and dynamic world. Produkte von Citrix werden von mehr als 330.000 Organisationen und mehr als 100 Millionen Anwendern weltweit genutzt. Der Jahresumsatz belief sich im Jahr 2012 auf 2,59 Milliarden USD. 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 acting chief executive officer and chief financial officer, statements contained in the Financial Outlook for Fourth Quarter 2013 section, 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 risks associated with successfully introducing new products into Citrix's distribution channels and ability of markets for these products to become mainstream and sustain growth; the company's product concentration and its ability to develop and commercialize new products and services, including its enterprise mobility and cloud platform products, while maintaining development and sales of its established virtualization, networking and collaboration products and services; disruptions due to changes and transitions in key personnel and succession risks , including but not limited to our CEO’s temporary leave of absence; 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, OEM's 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 introduction of new products by competitors or the entry of new competitors into the markets for Citrix's products and services; 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; 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; competition, international market readiness, execution and other risks associated with the markets for Citrix's products and services; unanticipated changes in tax rates 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.

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For media inquiries, contact:

Eric Armstrong
Citrix Systems, Inc.
(954) 267-2977 or eric.armstrong@citrix.com

For investor inquiries, contact:

Eduardo Fleites
Citrix Systems, Inc.
(954) 229-5758 or eduardo.fleites@citrix.com