Quarterly revenue of $691 million up 3%
year-over-year
Quarterly GAAP diluted EPS of $0.82; non-GAAP
diluted EPS of $1.22
Quarterly GAAP operating margin of 20 percent;
non-GAAP operating margin of 32 percent
Deferred revenue of $1.7 billion up 13 percent
year-over-year
Citrix Systems, Inc. (NASDAQ:CTXS) today reported financial
results for the third quarter of fiscal year 2017 ended
September 30, 2017.
Financial Results
For the third quarter of fiscal year 2017, Citrix achieved
revenue from continuing operations of $691 million, compared to
$669 million in the third quarter of fiscal year 2016, representing
3 percent revenue growth.
GAAP Results
Net income from continuing operations for the third quarter of
fiscal year 2017 was $127 million, or $0.82 per diluted share,
compared to $112 million, or $0.71 per diluted share, for the third
quarter of fiscal year 2016. Net income from continuing operations
for the third quarter of fiscal year 2017 and 2016 includes
restructuring charges of $9 million and $12 million, respectively,
for severance and facility closing costs. Net income for the third
quarter of fiscal year 2017 includes a tax benefit of approximately
$8 million, or $0.05 per diluted share, related to the expiration
of the statute of limitation for a prior domestic tax year.
Non-GAAP Results
Non-GAAP net income from continuing operations for the third
quarter of fiscal year 2017 was $186 million, or $1.22 per diluted
share, compared to $170 million, or $1.08 per diluted share for the
third quarter of fiscal year 2016. Non-GAAP net income from
continuing operations for the third 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, and the tax effects related to
these items. Non-GAAP net income from continuing operations for the
third quarter of fiscal year 2016 also excludes separation costs
and the tax effect related to this item. Non-GAAP net income per
diluted share for the third quarter of fiscal year 2017 also
reflects the anti-dilutive impact of the company’s convertible note
hedges.
“I am pleased with our execution this quarter and our renewed
discipline in managing our business. We are moving quickly to drive
business transformation across Citrix, aligning with our customers’
desire to support multi-cloud and hybrid-cloud environments,” said
David Henshall, president and CEO.
“I am excited about the opportunity we have moving forward and
our potential over the next several years.”
Q3 Financial Summary
In reviewing the results from continuing operations for the
third quarter of fiscal year 2017 compared to the third quarter of
fiscal year 2016:
- Product and license revenue decreased 7
percent;
- Software as a service revenue increased
32 percent;
- Revenue from license updates and
maintenance increased 6 percent;
- Professional services revenue, which is
comprised of consulting, product training and certification,
increased 7 percent;
- Net revenue increased in the EMEA
region by 7 percent; increased in the Americas region by 2 percent;
and decreased in the APJ region by 1 percent;
- Subscription revenue as a percentage of
total revenue was 12 percent
- Deferred revenue totaled $1.7 billion
as of September 30, 2017, compared to $1.5 billion as of
September 30, 2016, an increase of 13 percent; and
- Cash flow from continuing operations
was $255 million for the third quarter of fiscal year 2017,
compared to $238 million for the third quarter of fiscal year
2016.
During the third quarter of fiscal year 2017:
- GAAP gross margin was 85 percent.
Non-GAAP gross margin was 87 percent, excluding the effects of
amortization of acquired product related intangible assets and
stock-based compensation expense; and
- GAAP operating margin was 20 percent.
Non-GAAP operating margin was 32 percent, excluding the effects of
stock-based compensation expense, amortization of acquired
intangible assets, and costs associated with restructuring
programs.
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 $2.82 billion to $2.83 billion.
- GAAP diluted earnings per share from
continuing operations is targeted to be in the range of $2.80 to
$2.93. Non-GAAP diluted earnings per share from continuing
operations is targeted to be in the range of $4.79 to $4.81,
excluding $0.46 related to the effects of amortization of acquired
intangible assets, $1.07 related to the effects of stock-based
compensation expenses, $0.22 related to the effects of amortization
of debt discount, $0.37 related to restructuring charges, and $0.41
to $0.56 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.
Preliminary Outlook for Fiscal Year 2018
The company's current preliminary outlook for the full fiscal
year 2018 is for net revenue to grow by approximately 1 to 2
percent, excluding the transition impact of ASC 606 adoption, which
will be effective January 1, 2018. In addition, Citrix management
is targeting GAAP operating margin to be in the range of 19 percent
to 20 percent, and non-GAAP operating margin to be in the range of
29 percent to 30 percent, excluding 6 percent related to the
effects of stock-based compensation expense, 2 percent related to
the effects of amortization of acquired intangible assets, and 2
percent related to restructuring charges.
The above statements are based on current targets. These
statements are forward-looking, and actual results may differ
materially.
Third Quarter Earnings Conference Call
Citrix will host a conference call today at 4:45 p.m. ET to
discuss its financial results, business outlook, and its business
transformation plans to drive greater customer and shareholder
value. 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. 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 and Preliminary 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 executive
leadership; 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 impact of the global
economy, volatility in global stock markets, foreign exchange rate
volatility and uncertainty in the IT spending environment; the
risks associated with maintaining the security of our products,
services, and networks, including securing customer data stored by
our services; changes in Citrix’s pricing and licensing models,
promotional programs and product mix, all of which may impact
Citrix's revenue recognition; 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;
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® 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
September 30,
Nine Months Ended
September 30,
2017 2016 2017 2016
Revenues: Product and licenses $ 192,102 $ 206,041 $ 594,708 $
627,581 Software as a service 45,810 34,673 126,053 98,552 License
updates and maintenance 420,951 398,171 1,232,734 1,178,053
Professional services 32,062 29,851 93,334
97,310 Total net revenues 690,925 668,736
2,046,829 2,001,496 Cost of net revenues: Cost
of product and license revenues 27,277 28,059 89,723 93,077 Cost of
services and maintenance revenues 61,096 55,337 184,922 168,874
Amortization of product related intangible assets 17,564
14,775 43,062 43,222 Total cost of net
revenues 105,937 98,171 317,707 305,173
Gross margin 584,988 570,565 1,729,122
1,696,323 Operating expenses: Research and
development 107,113 101,741 316,478 304,624 Sales, marketing and
services 249,499 244,495 764,564 724,343 General and administrative
79,378 79,617 237,033 236,775 Amortization of other intangible
assets 3,733 3,907 11,071 11,449 Restructuring 8,552 12,176
18,678 61,312 Total operating expenses 448,275
441,936 1,347,824 1,338,503 Income from
operations 136,713 128,629 381,298 357,820 Interest income 7,873
4,193 19,045 12,108 Interest expense (11,726 ) (11,254 ) (35,286 )
(33,605 ) Other income (expense), net 981 494 3,166
(781 ) Income from continuing operations before income taxes
133,841 122,062 368,223 335,542 Income tax expense 7,121
10,325 62,349 44,262 Income from continuing
operations 126,720 111,737 305,874 $ 291,280 Income (loss) from
discontinued operations, net of income taxes — 20,164
(42,704 ) $ 44,982 Net income $ 126,720 $ 131,901
$ 263,170 $ 336,262 Diluted earnings
(loss) per share: Income from continuing operations $ 0.82 $ 0.71 $
1.96 $ 1.86 Income (loss) from discontinued operations —
0.13 (0.28 ) 0.29 Diluted earnings per share: $ 0.82
$ 0.84 $ 1.68 $ 2.15 Weighted average shares outstanding:
Weighted average shares outstanding - diluted 154,627
157,532 156,384 156,697
CITRIX
SYSTEMS, INC. Condensed Consolidated Balance
Sheets
(In thousands - unaudited)
September 30, 2017 December
31, 2016 ASSETS Cash and cash equivalents
$ 940,869 $ 836,095 Short-term investments 562,893 726,923 Accounts
receivable, net 464,801 681,206 Inventories, net 14,892 12,522
Prepaid expenses and other current assets 168,218 124,842 Current
assets of discontinued operations — 179,689 Total
current assets 2,151,673 2,561,277 Long-term investments 1,054,952
980,142 Property and equipment, net 254,297 261,954 Goodwill
1,617,124 1,585,893 Other intangible assets, net 168,093 173,681
Deferred tax assets, net 195,755 233,900 Other assets 57,502 54,449
Long-term assets of discontinued operations — 538,931
Total assets $ 5,499,396 $ 6,390,227
LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY
Accounts payable $ 56,772 $ 72,724 Accrued expenses and other
current liabilities 225,036 256,799 Income taxes payable 3,493
39,771 Current portion of deferred revenues 1,173,348 1,208,229
Short-term debt 40,000 — Convertible notes, short-term — 1,348,156
Current liabilities of discontinued operations — 172,670
Total current liabilities 1,498,649 3,098,349
Long-term portion of deferred revenues 505,723 476,135 Convertible
notes, long-term 1,376,673 — Other liabilities 122,740 119,813
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 4,994,854 4,761,588
Retained earnings 3,790,452 4,010,737 Accumulated other
comprehensive loss (8,667 ) (28,704 ) Less - common stock in
treasury, at cost (6,781,333 ) (6,135,197 ) Total stockholders'
equity 1,995,611 2,608,727 Total liabilities,
temporary equity and stockholders' equity $ 5,499,396 $
6,390,227
CITRIX SYSTEMS, INC.
Condensed Consolidated Statement of Cash Flows
(In thousands - unaudited)
Nine Months Ended September 30, 2017
OPERATING ACTIVITIES Net Income $ 263,170 Loss from
discontinued operations 42,704 Adjustments to reconcile net income
to net cash provided by operating activities: Depreciation,
amortization and other 149,813 Stock-based compensation expense
127,219 Deferred income tax expense 32,367 Effects of exchange rate
changes on monetary assets and liabilities denominated in foreign
currencies (8,063 ) Other non-cash items 9,608 Total
adjustments to reconcile net income to net cash provided by
operating activities 310,944 Changes in operating assets and
liabilities, net of the effects of acquisitions: Accounts
receivable 216,139 Inventories (3,350 ) Prepaid expenses and other
current assets (15,836 ) Other assets (2,393 ) Income taxes, net
(58,278 ) Accounts payable (17,039 ) Accrued expenses and other
current liabilities (17,372 ) Deferred revenues (10,746 ) Other
liabilities 2,645 Total changes in operating assets and
liabilities, net of the effects of acquisitions 93,770 Net
cash provided by operating activities of continuing operations
710,588 Net cash used in operating activities of discontinued
operations (56,070 ) Net cash provided by operating activities
654,518
INVESTING ACTIVITIES Purchases of available-for-sale
investments (966,067 ) Proceeds from sales of available-for-sale
investments 678,533 Proceeds from maturities of available-for-sale
investments 377,719 Purchases of property and equipment (61,670 )
Cash paid for acquisitions, net of cash acquired (60,449 ) Cash
paid for licensing agreements and technology (5,865 ) Other 490
Net cash used in investing activities of continuing
operations (37,309 ) Net cash used in investing activities of
discontinued operations (3,891 ) Net cash used in investing
activities (41,200 )
FINANCING ACTIVITIES Proceeds from
issuance of common stock under stock-based compensation plans 2,094
Proceeds from credit facility 165,000 Repayment of credit facility
(125,000 ) Repayment of acquired debt (4,000 ) Stock repurchases,
net (574,957 ) Cash paid for tax withholding on vested stock awards
(71,179 ) Transfer of cash to GoTo Business resulting from the
separation (28,523 ) Net cash used in financing activities (636,565
) Effect of exchange rate changes on cash and cash equivalents
7,160 Change in cash and cash equivalents (16,087 ) Cash and
cash equivalents at beginning of period 956,956 Cash and
cash equivalents at end of period $ 940,869
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
September 30, 2017
GAAP gross margin 84.7% Add: stock-based compensation 0.2 Add:
amortization of product related intangible assets 2.5 Non-GAAP
gross margin 87.4%
Three Months Ended
September 30, 2017
GAAP operating margin 19.8% Add: stock-based compensation 7.5 Add:
amortization of product related intangible assets 2.6 Add:
amortization of other intangible assets 0.5 Add: restructuring
charges 1.2 Non-GAAP operating margin 31.6%
Three
Months Ended September 30, 2017
2016 GAAP net income from continuing operations
$126,720 $111,737 Add: stock-based compensation 51,732
40,843 Add: amortization of product related intangible assets
17,564 14,775 Add: amortization of other intangible assets 3,733
3,907 Add: amortization of debt discount 8,536 8,284 Add:
separation costs — 917 Add: restructuring charges 8,552 12,176
Less: tax effects related to above items (30,690 ) (22,796 )
Non-GAAP net income from continuing operations $186,147
$169,843
Three Months Ended September
30, 2017 2016 Number of shares used in
diluted earnings per share calculations: GAAP weighted
average shares outstanding 154,627 157,532 Less: effect of
convertible note hedges (1,484) — Non-GAAP weighted average shares
outstanding 153,143 157,532
Three Months Ended
September 30, 2017 2016 GAAP
earnings per share from continuing operations - diluted $0.82
$0.71 Add: stock-based compensation 0.34 0.26 Add:
amortization of product related intangible assets 0.12 0.09 Add:
amortization of other intangible assets 0.02 0.02 Add: amortization
of debt discount 0.06 0.05 Add: separation costs — 0.01 Add:
restructuring charges 0.06 0.08 Less: tax effects related to above
items (0.20 ) (0.14 ) Non-GAAP earnings per share from continuing
operations - diluted $1.22 $1.08
Forward Looking Guidance
For the Twelve
Months Ended
December 31,
2017 GAAP earnings per share from continuing operations -
diluted $2.80 to $2.93 Add: adjustments to exclude the effects of
amortization of intangible assets 0.46 Add: adjustments to exclude
the effects of expenses related to stock-based compensation 1.07
Add: adjustments to exclude the effects of amortization of debt
discount 0.22 Add: adjustments to exclude the effects of
restructuring charges 0.37 Less: tax effects related to above items
(0.41) to (0.56) Add: adjustments to exclude the effects of
separation related tax charges 0.30 Non-GAAP earnings per share
from continuing operations - diluted $4.79 to $4.81
For the Twelve Months
Ended December 31, 2018
GAAP operating margin 18.8% to 19.8% Add: stock-based compensation
6.5 Add: amortization of acquired intangible assets 2.1 Add:
restructuring charges 1.6 Non-GAAP operating margin 29.0% to 30.0%
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171025006241/en/
Citrix Systems, Inc.For media inquiries:Eric Armstrong,
954-267-2977eric.armstrong@citrix.comorFor investor
inquiries:Eduardo Fleites, 954-229-5758eduardo.fleites@citrix.com
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