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.
About 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. Citrix solutions help IT and service
providers build clouds, leveraging virtualization and networking
technologies to deliver high-performance, elastic and cost-effective
cloud services. 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. Citrix
products are in use at more than 330,000 organizations and by over 100
million users globally. Annual revenue in 2012 was $2.59 billion. 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.
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 the property of their
respective owners.
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,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Product and licenses
|
|
$
|
201,443
|
|
$
|
195,690
|
|
$
|
621,741
|
|
$
|
561,971
|
|
Software as a service
|
|
|
148,179
|
|
|
129,659
|
|
|
429,603
|
|
|
375,902
|
|
License updates and maintenance
|
|
|
329,384
|
|
|
285,051
|
|
|
968,017
|
|
|
822,113
|
|
Professional services
|
|
|
33,725
|
|
|
31,022
|
|
|
96,653
|
|
|
86,141
|
|
Total net revenues
|
|
|
712,731
|
|
|
641,422
|
|
|
2,116,014
|
|
|
1,846,127
|
|
|
|
|
|
|
|
|
|
|
|
Cost of net revenues:
|
|
|
|
|
|
|
|
|
|
Cost of product and licenses revenues
|
|
|
26,971
|
|
|
24,218
|
|
|
84,465
|
|
|
63,876
|
|
Cost of services and maintenance revenues
|
|
|
72,632
|
|
|
58,920
|
|
|
208,241
|
|
|
166,328
|
|
Amortization of product related intangible assets
|
|
|
24,330
|
|
|
22,930
|
|
|
73,381
|
|
|
56,565
|
|
Total cost of net revenues
|
|
|
123,933
|
|
|
106,068
|
|
|
366,087
|
|
|
286,769
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin
|
|
|
588,798
|
|
|
535,354
|
|
|
1,749,927
|
|
|
1,559,358
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
127,049
|
|
|
114,713
|
|
|
389,840
|
|
|
328,363
|
|
Sales, marketing and services
|
|
|
300,416
|
|
|
263,136
|
|
|
915,194
|
|
|
773,732
|
|
General and adminstrative
|
|
|
63,580
|
|
|
65,252
|
|
|
193,708
|
|
|
186,407
|
|
Amortization of other intangible assets
|
|
|
10,386
|
|
|
9,838
|
|
|
31,322
|
|
|
25,499
|
|
Total operating expenses
|
|
|
501,431
|
|
|
452,939
|
|
|
1,530,064
|
|
|
1,314,001
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
87,367
|
|
|
82,415
|
|
|
219,863
|
|
|
245,357
|
|
|
|
|
|
|
|
|
|
|
|
Other income, net
|
|
|
3,438
|
|
|
8,483
|
|
|
6,009
|
|
|
15,636
|
|
Income before income taxes
|
|
|
90,805
|
|
|
90,898
|
|
|
225,872
|
|
|
260,993
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
14,075
|
|
|
12,653
|
|
|
24,993
|
|
|
22,475
|
|
Net income
|
|
$
|
76,730
|
|
$
|
78,245
|
|
$
|
200,879
|
|
$
|
238,518
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share - diluted
|
|
$
|
0.41
|
|
$
|
0.41
|
|
$
|
1.06
|
|
$
|
1.26
|
|
Weighted average shares outstanding - diluted
|
|
|
188,980
|
|
|
189,671
|
|
|
188,830
|
|
|
189,282
|
|
CITRIX SYSTEMS, INC.
|
Condensed Consolidated Balance Sheets
|
(In thousands - unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2013
|
|
December 31, 2012
|
ASSETS:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
246,473
|
|
|
$
|
643,609
|
|
Short-term investments
|
|
|
448,196
|
|
|
|
285,022
|
|
Accounts receivable, net
|
|
|
450,395
|
|
|
|
630,956
|
|
Inventories, net
|
|
|
11,979
|
|
|
|
10,723
|
|
Prepaid expenses and other current assets
|
|
|
131,927
|
|
|
|
106,579
|
|
Current portion of deferred tax assets, net
|
|
|
39,836
|
|
|
|
36,846
|
|
Total current assets
|
|
|
1,328,806
|
|
|
|
1,713,735
|
|
|
|
|
|
|
Long-term investments
|
|
|
961,422
|
|
|
|
595,313
|
|
Property and equipment, net
|
|
|
337,021
|
|
|
|
303,294
|
|
Goodwill
|
|
|
1,766,902
|
|
|
|
1,518,219
|
|
Other intangible assets, net
|
|
|
533,996
|
|
|
|
556,205
|
|
Long-term portion of deferred tax assets, net
|
|
|
129,983
|
|
|
|
43,097
|
|
Other assets
|
|
|
65,859
|
|
|
|
66,539
|
|
Total assets
|
|
$
|
5,123,989
|
|
|
$
|
4,796,402
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY:
|
|
|
|
|
Accounts payable
|
|
|
68,646
|
|
|
|
71,116
|
|
Accrued expenses and other current liabilities
|
|
|
244,387
|
|
|
|
257,135
|
|
Income taxes payable
|
|
|
25,472
|
|
|
|
49,346
|
|
Current portion of deferred revenues
|
|
|
1,002,090
|
|
|
|
965,276
|
|
Total current liabilities
|
|
|
1,340,595
|
|
|
|
1,342,873
|
|
|
|
|
|
|
Long-term portion of deferred revenues
|
|
|
268,086
|
|
|
|
232,719
|
|
Other liabilities
|
|
|
114,508
|
|
|
|
99,033
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
Common stock
|
|
|
291
|
|
|
|
287
|
|
Additional paid-in capital
|
|
|
3,948,810
|
|
|
|
3,691,111
|
|
Retained earnings
|
|
|
2,764,897
|
|
|
|
2,564,018
|
|
Accumulated other comprehensive loss
|
|
|
(3,222
|
)
|
|
|
(7,705
|
)
|
Less – common stock in treasury, at cost
|
|
|
(3,309,976
|
)
|
|
|
(3,125,934
|
)
|
Total stockholders' equity
|
|
|
3,400,800
|
|
|
|
3,121,777
|
|
Total liabilities and stockholders’ equity
|
|
$
|
5,123,989
|
|
|
$
|
4,796,402
|
|
CITRIX SYSTEMS, INC.
|
Condensed Consolidated Statement of Cash Flows
|
(In thousands - unaudited)
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2013
|
|
Nine Months Ended
September 30, 2013
|
OPERATING ACTIVITIES
|
|
|
|
|
Net Income
|
|
$
|
76,730
|
|
|
$
|
200,879
|
|
Adjustments to reconcile net income to net cash
|
|
|
|
|
provided by operating activities:
|
|
|
|
|
Amortization and depreciation
|
|
|
68,156
|
|
|
|
198,642
|
|
Stock-based compensation expense
|
|
|
45,893
|
|
|
|
137,306
|
|
Provision for accounts receivable allowances
|
|
|
616
|
|
|
|
4,738
|
|
Deferred income tax benefit
|
|
|
(11,167
|
)
|
|
|
(50,538
|
)
|
Other non-cash items
|
|
|
(5,805
|
)
|
|
|
(6,398
|
)
|
Total adjustments to reconcile net income to net cash
|
|
|
97,693
|
|
|
|
283,750
|
|
provided by operating activities
|
|
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities,
|
|
|
|
|
net of the effects of acquisitions:
|
|
|
|
|
Accounts receivable
|
|
|
44,045
|
|
|
|
182,039
|
|
Inventory
|
|
|
826
|
|
|
|
(3,088
|
)
|
Prepaid expenses and other current assets
|
|
|
(4,270
|
)
|
|
|
(21,663
|
)
|
Other assets
|
|
|
(1,766
|
)
|
|
|
4,841
|
|
Deferred revenues
|
|
|
(1,187
|
)
|
|
|
59,891
|
|
Accounts payable
|
|
|
(4,527
|
)
|
|
|
(4,949
|
)
|
Income taxes, net
|
|
|
4,890
|
|
|
|
(44,570
|
)
|
Accrued expenses
|
|
|
4,275
|
|
|
|
10,783
|
|
Other liabilities
|
|
|
6,239
|
|
|
|
13,416
|
|
Total changes in operating assets and liabilities,
|
|
|
48,525
|
|
|
|
196,700
|
|
net of the effects of acquisitions
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
222,948
|
|
|
|
681,329
|
|
|
|
|
|
|
INVESTING ACTIVITIES
|
|
|
|
|
Purchases of available-for-sale investments, net
|
|
|
(151,307
|
)
|
|
|
(531,320
|
)
|
Purchases of property and equipment
|
|
|
(59,829
|
)
|
|
|
(126,610
|
)
|
Cash paid for acquisitions, net of cash acquired
|
|
|
(5,294
|
)
|
|
|
(329,343
|
)
|
Proceeds from sales of cost method investments
|
|
|
1,311
|
|
|
|
2,811
|
|
Purchases of cost method investments
|
|
|
(2,628
|
)
|
|
|
(5,095
|
)
|
Cash paid for licensing and core technology
|
|
|
(2,708
|
)
|
|
|
(7,202
|
)
|
Net cash used in investing activities
|
|
|
(220,455
|
)
|
|
|
(996,759
|
)
|
|
|
|
|
|
FINANCING ACTIVITIES
|
|
|
|
|
Proceeds from issuance of common stock
|
|
|
33,611
|
|
|
|
68,570
|
|
under stock-based compensation plans
|
|
|
|
|
Excess tax benefit from exercise of stock options
|
|
|
4,342
|
|
|
|
33,605
|
|
Stock repurchases, net
|
|
|
(55,298
|
)
|
|
|
(156,334
|
)
|
Cash paid for tax withholding on vested stock awards
|
|
|
(2,904
|
)
|
|
|
(27,708
|
)
|
Other
|
|
|
-
|
|
|
|
912
|
|
Net cash used in financing activities
|
|
|
(20,249
|
)
|
|
|
(80,955
|
)
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
1,076
|
|
|
|
(751
|
)
|
Change in cash and cash equivalents
|
|
|
(16,680
|
)
|
|
|
(397,136
|
)
|
Cash and cash equivalents at beginning of period
|
|
|
263,153
|
|
|
|
643,609
|
|
Cash and cash equivalents at end of period
|
|
$
|
246,473
|
|
|
$
|
246,473
|
|
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, stock-based compensation expenses 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.
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
primarily related to newly acquired intangible assets, 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
|
|
|
|
September 30, 2013
|
|
|
|
|
|
GAAP gross margin
|
|
82.6%
|
|
Add: stock-based compensation
|
|
0.1%
|
|
Add: amortization of product related intangible assets
|
|
3.4%
|
|
Non-GAAP gross margin
|
|
86.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
September 30, 2013
|
|
|
|
|
|
GAAP operating margin
|
|
12.3%
|
|
Add: stock-based compensation
|
|
6.4%
|
|
Add: amortization of product related intangible assets
|
|
3.4%
|
|
Add: amortization of other intangible assets
|
|
1.5%
|
|
Non-GAAP operating margin
|
|
23.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Three Months Ended
|
|
|
|
September 30, 2013
|
|
|
September 30, 2012
|
|
|
|
|
|
|
|
|
GAAP net income
|
|
$
|
76,730
|
|
|
|
$
|
78,245
|
|
|
Add: stock-based compensation
|
|
|
45,893
|
|
|
|
|
40,103
|
|
|
Add: amortization of product related intangible assets
|
|
|
24,330
|
|
|
|
|
22,930
|
|
|
Add: amortization of other intangible assets
|
|
|
10,386
|
|
|
|
|
9,838
|
|
|
Less: tax effects related to above items
|
|
|
(25,521
|
)
|
|
|
|
(22,934
|
)
|
|
Non-GAAP net income
|
|
$
|
131,818
|
|
|
|
$
|
128,182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Three Months Ended
|
|
|
|
September 30, 2013
|
|
|
September 30, 2012
|
|
|
|
|
|
|
|
|
GAAP earnings per share – diluted
|
|
$
|
0.41
|
|
|
|
$
|
0.41
|
|
|
Add: stock-based compensation
|
|
|
0.24
|
|
|
|
|
0.21
|
|
|
Add: amortization of product related intangible assets
|
|
|
0.13
|
|
|
|
|
0.12
|
|
|
Add: amortization of other intangible assets
|
|
|
0.06
|
|
|
|
|
0.05
|
|
|
Less: tax effects related to above items
|
|
|
(0.14
|
)
|
|
|
|
(0.11
|
)
|
|
Non-GAAP earnings per share – diluted
|
|
$
|
0.70
|
|
|
|
$
|
0.68
|
|
|
CITRIX SYSTEMS, INC.
|
Forward Looking Guidance
|
|
|
|
|
|
|
|
|
For the
|
|
|
Three Months Ended
|
|
|
December 31,
|
|
|
2013
|
GAAP earnings per share - diluted
|
|
$0.66 to $0.70
|
Add: adjustments to exclude the effects
|
|
|
of amortization of intangible assets
|
|
0.19
|
|
|
|
Add: adjustments to exclude the effects of
|
|
|
expenses related to stock-based compensation
|
|
0.26
|
|
|
|
Less: tax effects related to above items
|
|
|
|
|
(0.11) to (0.20)
|
Non-GAAP earnings per share - diluted
|
|
$0.95 to $1.00
|
Copyright Business Wire 2013