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Citrix CEO Pleased with Q4 Financially and Strategically
Citrix Reports 2012 Fourth Quarter and Fiscal Year Financial Results

"I'm pleased with our results, both financial and strategic," said Mark Templeton, president and CEO at Citrix, as Citrix Systems, Inc. yesterday reported financial results for the fourth quarter and fiscal year ended December 31, 2012.

"We focused on execution to leverage new routes to market, acquire new customers, and drive subscription, maintenance and technical services growth. We also saw success in our newer markets," Templeton continued. "Our customers are increasingly interested in mobility. CIOs are looking to mobility to help deal with IT consumerization, a multi-generational workforce, collaboration, consolidation and disruption," he added.



Templeton also noted:

"Mobility and cloud services represent an accelerating transformation in the workplace, and as we look into 2013, 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."

FINANCIAL RESULTS

For the fourth quarter of fiscal year 2012, Citrix achieved revenue of $740 million, compared to $619 million in the fourth quarter of fiscal year 2011, representing 19 percent revenue growth. For fiscal year 2012, Citrix reported annual revenues of $2.59 billion, compared to $2.21 billion for fiscal year 2011, a 17 percent increase.

GAAP Results

Net income for the fourth quarter of fiscal year 2012 was $114 million, or $0.60 per diluted share, compared to $109 million, or $0.58 per diluted share, for the fourth quarter of fiscal year 2011. Annual net income for fiscal year 2012 was $353 million, or $1.86 per diluted share, compared to $356 million, or $1.87 per diluted share for fiscal year 2011.

Non-GAAP Results

Non-GAAP net income for the fourth quarter of fiscal year 2012 was $169 million, or $0.90 per diluted share, compared to $147 million, or $0.78 per diluted share for the fourth quarter of fiscal year 2011. 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.

Annual non-GAAP net income for fiscal year 2012 was $543 million, or $2.87 per diluted share, compared to $473 million, or $2.48 per diluted share, for fiscal year 2011. 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, non-GAAP net income for fiscal year 2011 excludes amounts recorded in connection with the restructuring program that the company implemented in January 2009 and the related tax effect.

Q4 Financial Summary

In reviewing the results for the fourth quarter of fiscal year 2012, compared to the fourth quarter of fiscal year 2011:

  • Product and license revenue increased 17 percent;
  • Software as a service revenue increased 18 percent;
  • Revenue from license updates and maintenance increased 22 percent;
  • Professional services revenue, which is comprised of consulting, product training and certification, increased 20 percent;
  • Revenue increased in the Pacific region by 52 percent; increased in the EMEA region by 19 percent; and increased in the America’s region by 14 percent;
  • Deferred revenue totaled $1.2 billion, compared to $960 million as of December 31, 2011, an increase of 25%;
  • GAAP operating margin was 20 percent and non-GAAP operating margin was 30 percent, excluding the effects of amortization of acquired intangible assets and stock-based compensation expenses;
  • Cash flow from operations was $227 million for the fourth quarter of fiscal year 2012, compared with $170 million for the fourth quarter of fiscal year 2011; and
  • The company repurchased 1.2 million shares at an average price of $63.93.

Annual Financial Summary

In reviewing the results for fiscal year 2012 compared to fiscal year 2011:

  • Product and license revenue increased 12 percent;
  • Software as a service revenue increased 19 percent;
  • Revenue from license updates and maintenance increased 20 percent;
  • Professional services revenue, which is comprised of consulting, product training and certification, increased 30 percent;
  • Revenue increased in the Pacific region by 33 percent, increased in the EMEA region by 20 percent, and increased in the Americas’ region by 12 percent;
  • GAAP operating margin was 15 percent and non-GAAP operating margin was 25 percent, excluding the effects of amortization of acquired intangible assets and stock-based compensation expense.
  • Cash flow from operations was $819 million for fiscal year 2012 compared with $679 million for fiscal year 2011; and
  • The company repurchased 3.8 million shares at an average price of $70.98.

Zenprise Acquisition

On January 2, 2013, Citrix completed its previously announced acquisition of privately held Zenprise, a leading innovator in mobile device management, or MDM, for cash consideration of approximately $327 million. Citrix intends to integrate the Zenprise offering for MDM with its Citrix CloudGateway™ and Me@Work™ solutions for managing mobile apps and data. As a result, enterprise IT customers will have a comprehensive set of tools that make it easier to manage and secure devices, apps and data, while users will be able to access apps from virtually any device, giving them the freedom to work and play anywhere.

The Zenprise acquisition will give Citrix the first solution in the industry for managing mobile devices, apps and data from a single, integrated enterprise mobility product line. This comprehensive approach can transform organizations into mobile enterprises with the security and control IT requires, the ease of use and flexibility users desire, and the productivity business demands.

Financial Outlook for Fiscal Year 2013

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

  • Net revenue is targeted to be in the range of $2.95 billion to $2.98 billion.
  • GAAP diluted earnings per share is targeted to be in the range of $1.91 to $1.95. Non-GAAP diluted earnings per share is targeted to be in the range of $3.12 to $3.15, excluding $0.73 related to the effects of amortization of acquired intangible assets, $0.97 related to the effects of stock-based compensation expenses, and $(0.46) to $(0.53) for the tax effects related to these items. GAAP and non-GAAP diluted earnings per share for the fiscal year 2013 also includes $0.08 to $0.09 of dilution (excluding amortization of acquired intangible assets) related to the acquisition of Zenprise.
  • GAAP and non-GAAP earnings per share guidance for fiscal year 2013 includes approximately $9.4 million in net tax benefits, related to 2012, all of which will be recorded in the first quarter of fiscal year 2013, from the extension of the 2012 U.S. research and development tax credit which was signed into law in January 2013.
  • Non-GAAP tax rate, which excludes the effects of amortization of acquired intangible assets and stock-based compensation, is targeted to be in the range of 20 percent to 22 percent.

The above statements are based on current targets. These statements are forward-looking, and actual results may differ materially.

Financial Outlook for First Quarter 2013

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

  • Net revenue is targeted to be in the range of $670 million to $680 million.
  • GAAP diluted earnings per share is targeted to be in the range of $0.31 to $0.33. Non-GAAP diluted earnings per share is targeted to be in the range of $0.62 to $0.63, excluding $0.19 related to the effects of amortization of acquired intangible assets, $0.23 related to the effects of stock-based compensation expenses, and $(0.10) to $(0.13) for the tax effects related to these items. GAAP and non-GAAP diluted earnings per share for the first quarter of fiscal year 2013 includes $0.05 to $0.06 of dilution (excluding amortization of acquired intangible assets) related to the acquisition of Zenprise.
  • GAAP and non-GAAP earnings per share guidance for the first quarter of fiscal year 2013 includes approximately $9.4 million in net tax benefits, related to 2012, from the extension of the 2012 U.S. research and development tax credit which was signed into law in January 2013.

The above statements are based on current targets. These statements are forward-looking, and actual results may differ materially.

About Liz McMillan
News Desk compiles and publishes breaking news stories, press releases and latest news articles as they happen.

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