CTXS
$83.49
Citrix Systems
$.75
.91%
Earnings Details
2nd Quarter June 2017
Wednesday, August 2, 2017 4:05:16 PM
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Summary

Citrix Systems Misses

Citrix Systems (CTXS) reported 2nd Quarter June 2017 earnings of $0.97 per share on revenue of $693.2 million. The consensus earnings estimate was $0.99 per share on revenue of $690.7 million. The Earnings Whisper number was $1.05 per share. Revenue fell 17.8% compared to the same quarter a year ago.

The company said it expects third quarter earnings of $1.02 to $1.05 per share on revenue of $685.0 million to $695.0 million. The current consensus earnings estimate is $1.19 per share on revenue of $699.6 million for the quarter ending September 30, 2017. The company said it expects 2017 earnings of $4.60 to $4.65 per share on revenue of $2.81 billion to $2.83 billion. The current consensus earnings estimate is $4.64 per share on revenue of $2.83 billion for the year ending December 31, 2017.

Citrix Systems Inc provides virtualization, networking and cloud infrastructure solutions. The Company designs, develops and markets technology solutions that enable information technology services.

Results
Reported Earnings
$0.97
Earnings Whisper
$1.05
Consensus Estimate
$0.99
Reported Revenue
$693.2 Mil
Revenue Estimate
$690.7 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Citrix Reports Second Quarter 2017 Financial Results

Quarterly GAAP diluted EPS of $0.70; non-GAAP diluted EPS of $1.03 on a continuing operations basis

--Deferred revenue of $1.7 billion up 13 percent year-over-year

Citrix Systems, Inc. (CTXS) today reported financial results for the second quarter of fiscal year 2017 ended June 30, 2017.

Financial Results

For the second quarter of fiscal year 2017, Citrix achieved revenue from continuing operations of $693 million, compared to $674 million in the second quarter of fiscal year 2016, representing 3 percent revenue growth.

GAAP Results

Net income from continuing operations for the second quarter of fiscal year 2017 was $109 million, or $0.70 per diluted share, compared to $106 million, or $0.68 per diluted share, for the second quarter of fiscal year 2016. Net income for the second quarter of fiscal year 2017 includes a net international tax benefit of approximately $10 million, or $0.06 per diluted share, primarily related to an international statutory tax transaction.

Non-GAAP Results

Non-GAAP net income from continuing operations for the second quarter of fiscal year 2017 was $158 million, or $1.03 per diluted share, compared to $157 million, or $1.00 per diluted share for the second quarter of fiscal year 2016. Non-GAAP net income from continuing operations for the second 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 per diluted share also reflects the anti-dilutive impact of the company’s convertible note hedges.

"Q2 demonstrated a clear acceleration in the momentum of our cloud transformation, with a strong demand for Citrix Cloud and our subscription-based solutions," said David Henshall, president and CEO of Citrix. "As a result, we are seeing double-digit growth in deferred revenue and an acceleration in overall billings, which proves the value of the innovation that we are delivering to customers and partners and the success we can expect in the future."

Q2 Financial Summary

In reviewing the results from continuing operations for the second quarter of fiscal year 2017 compared to the second quarter of fiscal year 2016:

-- Product and license revenue decreased 4 percent;

-- Software as a service revenue increased 27 percent;

-- Revenue from license updates and maintenance increased 6 percent;

Professional services revenue, which is comprised of consulting, product training and certification, decreased 9 percent;

Net revenue increased in the Pacific region by 10 percent, increased in the EMEA region by 6 percent, and remained consistent in the Americas region;

Deferred revenue totaled $1.7 billion as of June 30, 2017, compared to $1.5 billion as of June 30, 2016, an increase of 13 percent; and

Cash flow from continuing operations was $164 million for the second quarter of fiscal year 2017, compared to $194 million for the second quarter of fiscal year 2016.

During the second quarter of fiscal year 2017:

GAAP gross margin was 84 percent. Non-GAAP gross margin was 86 percent, excluding the effects of amortization of acquired product related intangible assets and stock-based compensation expense; and

GAAP operating margin was 18 percent. Non-GAAP operating margin was 26 percent, excluding the effects of stock-based compensation expense, amortization of acquired intangible assets, and costs associated with restructuring programs.

Financial Outlook for Third Quarter 2017

Citrix management expects to achieve the following results for the third quarter of fiscal year 2017 ending September 30, 2017:

Net revenue is targeted to be in the range of $685 million to $695 million.

GAAP diluted earnings per share is targeted to be in the range of $0.68 to $0.70. Non-GAAP diluted earnings per share is targeted to be in the range of $1.02 to $1.05, excluding $0.32 related to the effects of stock-based compensation expenses, $0.11 related to the effects of amortization of acquired intangible assets, $0.06 related to the effects of amortization of debt discount, $0.03 to $0.04 related to restructuring charges and $0.16 to $0.20 for the tax effects related to these items. Non-GAAP diluted earnings per share reflects the anti-dilutive impact of the convertible note hedges, which cannot be calculated without unreasonable efforts.

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:

Net revenue is targeted to be in the range of $2.81 billion to $2.83 billion.

GAAP diluted earnings per share from continuing operations is targeted to be in the range of $2.59 to $2.74. Non-GAAP diluted earnings per share from continuing operations is targeted to be in the range of $4.60 to $4.65, excluding $1.07 related to the effects of stock-based compensation expenses, $0.42 related to the effects of amortization of acquired intangible assets, $0.22 related to the effects of amortization of debt discount, approximately $60 to $70 million or $0.36 to $0.44 related to restructuring charges, and $0.39 to $0.51 for the tax effects related to these items. Non-GAAP diluted earnings per share from continuing operations also excludes $0.30 related to certain tax charges incurred in connection with the separation of the GoTo business. Non-GAAP diluted earnings per share reflects the anti-dilutive impact of the convertible note hedges, which cannot be calculated without unreasonable efforts.

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

Second 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 (CTXS) aims to power a world where people, organizations and things are securely connected and accessible to make the extraordinary possible. We help customers reimagine the future of work by providing the most comprehensive secure digital workspace that unifies the apps, data and services people need to be productive, and simplifies IT’s ability to adopt and manage complex cloud environments. Citrix solutions are in use by more than 400,000 organizations including 99 percent of the Fortune 100 and 98 percent of the Fortune 500.

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, risks associated with transitions in key personnel and succession risk, including transitions in the company’s Chief Executive Officer, President and Chief Financial Officer; the impact of the global economy, volatility in global stock markets, foreign exchange rate volatility and uncertainty in the IT spending environment; changes in Citrix’s pricing and licensing models, promotional programs and product mix, all of which may impact Citrix’s revenue recognition; 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; changes in our revenue mix towards products and services with lower gross margins; seasonal fluctuations in the company’s business; disruptions to execution due to actions that may be taken as a result of Citrix’s operational reviews; 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, and 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’s 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; 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 Citrix’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(R) 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
Six Months Ended
June 30,
June 30,
2017
2016
2017
2016
Revenues:
Product and licenses
$ 211,009
$ 219,507
$ 402,606
$
421,540
Software as a service
41,513
32,764
80,243
63,879
License updates and maintenance
409,028
386,864
811,783
779,882
Professional services
31,677
34,852
61,272
67,459
Total net revenues
693,227
673,987
1,355,904
1,332,760
Cost of net revenues:
Cost of product and license revenues
32,735
33,623
62,446
65,018
Cost of services and maintenance revenues
64,167
59,178
123,826
113,537
Amortization of product related intangible assets
12,410
14,390
25,498
28,447
Total cost of net revenues
109,312
107,191
211,770
207,002
Gross margin
583,915
566,796
1,144,134
1,125,758
Operating expenses:
Research and development
106,696
100,651
209,365
202,883
Sales, marketing and services
268,300
245,921
515,065
479,848
General and administrative
81,146
78,883
157,655
157,158
Amortization of other intangible assets
3,692
3,822
7,338
7,542
Restructuring
2,140
3,580
10,126
49,136
Total operating expenses
461,974
432,857
899,549
896,567
Income from operations
121,941
133,939
244,585
229,191
Interest income
5,560
4,164
11,172
7,915
Interest expense
(12,007)
(11,196)
(23,560)
(22,351)
Other (expense) income, net
(1,141)
(272)
2,185
(1,275)
Income from continuing operations before income taxes
114,353
126,635
234,382
213,480
Income tax expense
5,524
20,346
55,228
33,937
Income from continuing operations
108,829
106,289
179,154
$
179,543
Income (loss) from discontinued operations, net of income taxes
--
14,609
(42,704 )
$
24,818
Net income
$ 108,829
$ 120,898
$ 136,450
$
204,361
Diluted earnings (loss) per share:
Income from continuing operations
$
0.70
$
0.68
$
1.14
$
1.15
Income (loss) from discontinued operations
--
0.09
(0.27 )
0.16
Diluted earnings per share:
$
0.70
$
0.77
$
0.87
$
1.31
Weighted average shares outstanding:
Weighted average shares outstanding - diluted
156,036
156,666
157,239
156,258
CITRIX SYSTEMS, INC.
Condensed Consolidated Balance Sheets
(In thousands - unaudited)
June 30, 2017
December 31, 2016
ASSETS
Cash and cash equivalents
$
844,771
$
836,095
Short-term investments
511,092
726,923
Accounts receivable, net
541,315
681,206
Inventories, net
13,229
12,522
Prepaid expenses and other current assets
176,080
124,842
Current assets of discontinued operations
--
179,689
Total current assets
2,086,487
2,561,277
Long-term investments
1,045,384
980,142
Property and equipment, net
252,925
261,954
Goodwill
1,617,105
1,585,893
Other intangible assets, net
187,550
173,681
Deferred tax assets, net
177,375
233,900
Other assets
64,083
54,449
Long-term assets of discontinued operations
--
538,931
Total assets
$ 5,430,909
$ 6,390,227
LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS’ EQUITY
Accounts payable
$
65,265
$
72,724
Accrued expenses and other current liabilities
240,808
256,799
Income taxes payable
4,724
39,771
Current portion of deferred revenues
1,205,692
1,208,229
Short-term debt
30,000
--
Convertible notes, short-term
--
1,348,156
Current liabilities of discontinued operations
--
172,670
Total current liabilities
1,546,489
3,098,349
Long-term portion of deferred revenues
510,209
476,135
Convertible notes, long-term
1,367,092
--
Other liabilities
125,418
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
4,922,187
4,761,588
Retained earnings
3,663,732
4,010,737
Accumulated other comprehensive loss
(8,779 )
(28,704 )
Less - common stock in treasury, at cost
(6,695,744 )
(6,135,197 )
Total stockholders’ equity
1,881,701
2,608,727
Total liabilities, temporary equity and stockholders’ equity
$ 5,430,909
$ 6,390,227
CITRIX SYSTEMS, INC.
Condensed Consolidated Statement of Cash Flows
(In thousands - unaudited)
Six Months Ended
June 30, 2017
OPERATING ACTIVITIES
Net Income
$
136,450
Loss from discontinued operations
42,704
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation, amortization and other
97,403
Stock-based compensation expense
75,487
Deferred income tax expense
56,584
Effects of exchange rate changes on monetary assets and liabilities
(6,049 )
denominated in foreign currencies
Other non-cash items
7,812
Total adjustments to reconcile net income to net cash provided by
231,237
operating activities
Changes in operating assets and liabilities, net of the effects of
acquisitions:
Accounts receivable
140,471
Inventories
(1,398 )
Prepaid expenses and other current assets
(5,957 )
Other assets
(9,597 )
Income taxes, net
(73,567 )
Accounts payable
(9,272 )
Accrued expenses and other current liabilities
(20,536 )
Deferred revenues
26,084
Other liabilities
(790 )
Total changes in operating assets and liabilities, net of the
45,438
effects of acquisitions
Net cash provided by operating activities of continuing operations
455,829
Net cash used in operating activities of discontinued operations
(56,070 )
Net cash provided by operating activities
399,759
INVESTING ACTIVITIES
Purchases of available-for-sale investments
(590,004 )
Proceeds from sales of available-for-sale investments
562,098
Proceeds from maturities of available-for-sale investments
179,330
Purchases of property and equipment
(38,650 )
Cash paid for acquisitions, net of cash acquired
(60,449 )
Cash paid for licensing agreements and technology
(5,155 )
Other
987
Net cash provided by investing activities of continuing operations
48,157
Net cash used in investing activities of discontinued operations
(3,891 )
Net cash provided by investing activities
44,266
FINANCING ACTIVITIES
Proceeds from issuance of common stock under stock-based
1,490
compensation plans
Proceeds from credit facility
125,000
Repayment of credit facility
(95,000 )
Repayment of acquired debt
(4,000 )
Stock repurchases, net
(500,000 )
Cash paid for tax withholding on vested stock awards
(60,547 )
Transfer of cash to GoTo Business resulting from the separation
(28,523 )
Net cash used in financing activities
(561,580 )
Effect of exchange rate changes on cash and cash equivalents
5,370
Change in cash and cash equivalents
(112,185 )
Cash and cash equivalents at beginning of period
956,956
Cash and cash equivalents at end of period
$
844,771

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, 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 reflects 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:

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 of intangible assets and 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 of intangible assets 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 Company has engaged in various restructuring activities over the past several years that have resulted in costs associated with reductions in headcount, consolidation of leased facilities and related costs. Each restructuring activity has been a discrete event based on a unique set of business objectives or circumstances, and each has differed from the others in terms of its operational implementation, business impact and scope. While the Company’s operations previously benefited from the employees and facilities covered by the various restructuring charges, these employees and facilities have benefited different parts of the Company’s business in different ways, and the amount of these charges has varied significantly from period to period. 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.

Separation costs represent transaction and transition costs associated with preparing businesses for independent operations consisting primarily of financial advisory fees, legal fees, accounting fees, tax services and information systems infrastructure duplication. These charges are not anticipated to be ongoing costs; and, thus, are outside of the normal operations of the Company’s business. 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.

Separation-related tax charges or benefits, which may include reversals of certain state R&D credits due to changes in expectations of realizability as a result of the separation of a significant business of the Company. The Company believes that these items do not accurately reflect the underlying performance of continuing operations for the period in which they are incurred.

The Company has convertible note hedges in place to offset potential dilution from the embedded conversion feature in its convertible notes. For GAAP diluted earnings per share purposes, the Company cannot reflect the anti-dilutive impact of the convertible note hedges. The Company believes that reflecting the anti-dilutive impact of the convertible note hedges in non-GAAP diluted earnings per share provides investors with useful information in evaluating the financial performance of the Company on a per share basis.

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 June
30, 2017
GAAP gross margin
84.2%
Add: stock-based compensation
0.1
Add: amortization of product related intangible assets
1.8
Non-GAAP gross margin
86.1%
Three Months Ended June
30, 2017
GAAP operating margin
17.6%
Add: stock-based compensation
5.9
Add: amortization of product related intangible assets
1.8
Add: amortization of other intangible assets
0.5
Add: restructuring charges
0.3
Non-GAAP operating margin
26.1%
Three Months Ended June 30,
2017
2016
GAAP net income from continuing operations
$108,829
$106,289
Add: stock-based compensation
40,679
38,367
Add: amortization of product related intangible assets
12,410
14,390
Add: amortization of other intangible assets
3,692
3,822
Add: amortization of debt discount
8,472
8,222
Add: separation costs
216
374
Add: restructuring charges
2,140
3,580
Less: tax effects related to above items
(18,731)
(18,097)
Non-GAAP net income from continuing operations
$157,707
$156,947
Three Months Ended June 30,
2017
2016
Number of shares used in diluted earnings per share calculations:
GAAP weighted average shares outstanding
156,036
156,666
Less: effect of convertible note hedges
(2,644 )
--
Non-GAAP weighted average shares outstanding
153,392
156,666
Three Months Ended June 30,
2017
2016
GAAP earnings per share from continuing operations - diluted
$0.70
$0.68
Add: stock-based compensation
0.27
0.25
Add: amortization of product related intangible assets
0.08
0.09
Add: amortization of other intangible assets
0.03
0.02
Add: amortization of debt discount
0.06
0.05
Add: restructuring charges
0.01
0.02
Less: tax effects related to above items
(0.12)
(0.11)
Non-GAAP earnings per share from continuing operations - diluted
$1.03
$1.00
Forward Looking Guidance
For the Three
For the Twelve
Months Ended
Months Ended
September 30,
December 31,
2017
2017
GAAP earnings per share from continuing operations - diluted
$0.68 to $0.70
$2.59 to $2.74
Add: adjustments to exclude the effects of expenses related to
0.32
1.07
stock-based compensation
Add: adjustments to exclude the effects of amortization of
0.11
0.42
intangible assets
Add: adjustments to exclude the effects of amortization of debt
0.06
0.22
discount
Add: adjustments to exclude the effects of restructuring charges
0.03 to 0.04
0.36 to 0.44
Less: tax effects related to above items
(0.16) to (0.20)
(0.39) to (0.51)
Add: adjustments to exclude the effects of separation related tax
--
0.30
charges
Non-GAAP earnings per share from continuing operations - diluted
$1.02 to $1.05
$4.60 to $4.65

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SOURCE: Citrix Systems, Inc.

Citrix Systems, Inc.
For media inquiries:
Eric Armstrong, 954-267-2977
eric.armstrong@citrix.com
or
For investor inquiries:
Eduardo Fleites, 954-229-5758
eduardo.fleites@citrix.com