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Citrix Reports First Quarter Financial Results

[Tisková zpráva] Quarterly Revenue of $369 million. GAAP Diluted Earnings Per Share of $0.04. Non-GAAP Diluted Earnings Per Share of $0.32. Board of Directors Authorizes $300 Million Increase to Share Repurchase Program.

FORT LAUDERDALE, Fla. — April 29, 2009 — Citrix Systems, Inc. (Nasdaq:CTXS), the global leader in application delivery infrastructure, today reported financial results for the first quarter of fiscal 2009 ended March 31, 2009.

FINANCIAL RESULTS
In the first quarter of fiscal 2009, Citrix achieved revenue of $369 million, compared to $377 million in the first quarter of fiscal 2008, representing a 2 percent decrease in revenue.

GAAP Results
Net income for the first quarter of fiscal 2009 was $7 million, or $0.04 per diluted share compared to $34 million, or $0.18 per diluted share, for the first quarter of 2008. These GAAP results include a restructuring charge of approximately $21 million.

Non-GAAP Results
Non-GAAP net income in the first quarter of fiscal 2009 was $59 million, or $0.32 per diluted share, compared to $66 million, or $0.35 per diluted share, in the comparable period last year. Non-GAAP net income excludes the effects of amortization of intangible assets primarily related to business combinations and stock-based compensation expenses and the tax effects related to those items. In addition, non-GAAP net income for the first quarter of 2009 also excludes the effect of the restructuring program that the company implemented in January 2009.

„I’m pleased with our Q1 execution in the toughest macro environment we’ve seen in years, said Mark Templeton, president and chief executive officer. "Smaller IT budgets are the new reality. We believe this makes our enterprise and SaaS products even more compelling because they lower IT costs while offering much-needed business flexibility.“

In addition to quarterly financial results, Citrix also announced that its board of directors has authorized it to repurchase up to an additional $300 million of its common stock. As of March 31, 2009, approximately $50 million remained in authority from previous approvals.

Q1 Financial Summary
In reviewing the first quarter results of 2009, compared to the first quarter of 2008:

  • Product license revenue decreased 24 percent;
  • Revenue from license updates grew 11 percent;
  • Online services revenue grew 16 percent;
  • Technical services revenue, which is comprised of consulting, education and technical support, grew 8 percent;
  • Revenue decreased in the America’s region by 1 percent; the EMEA region by 11 percent, and the Pacific region by 9 percent;
  • Deferred revenue totaled $535 million, compared to $459 million on March 31, 2008;
  • GAAP operating margin was 1 percent for the quarter, and non-GAAP operating margin was 19 percent for the quarter, excluding the effects of amortization of intangible assets primarily related to business combinations, stock-based compensation expense and costs associated with the restructuring program;
  • Cash flow from operations was $82 million; and
  • The company repurchased 1.1 million shares at an average price of $22.66.

Financial Outlook
Due to the volatility of market conditions in the foreseeable future, it is more likely that Citrix’s actual results could differ materially from expectations. Consequently, the company is providing less quantitative guidance than in previous quarters.

Financial Outlook for Second Quarter 2009
Citrix management expects to achieve the following results during its second fiscal quarter 2009 ending June 30, 2009:

  • Net revenue is expected to be flat to slightly down compared to the net revenue reported for the second quarter of 2008; and,
  • Non-GAAP operating margin is expected to increase between 100 and 150 basis points compared to the second quarter 2008, excluding the effects of amortization of intangible assets primarily related to business combinations, stock-based compensation expense, and restructuring charges.

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

Financial Outlook for Fiscal Year 2009
Citrix management currently expects to achieve the following results for the fiscal year 2009:

  • The company expects net revenue to be flat as compared to 2008; and,
  • Non-GAAP operating margin to increase by as much as 100 basis points as compared to non-GAAP operating margin from the prior year, excluding the effects of amortization of intangible assets primarily related to business combinations, stock-based compensation expense, and restructuring program, as well as prior year exclusions of in-process research and development related to business combinations.

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

Company, Product and Alliance Highlights
During the first quarter of 2009, Citrix:

  • Unveiled a set of new improvements to its flagship application delivery product line, Citrix® XenApp™, that make delivering Windows® applications as an on-demand service even easier and more cost-efficient for IT;
  • Announced Citrix® HDX™ technology for Citrix® XenDesktop™ and Citrix XenApp, a broad set of capabilities that provide users with the best “high-definition experience” for virtual desktops and applications;
  • Unveiled a new version of Citrix® XenServer™ – the company’s enter­prise-class, cloud-proven virtualization platform – offered free of charge to any user for unlimited production deployment;
  • Extended its collaboration with Microsoft into the server virtualization market with the availability of a new solution called Citrix Essentials™ for Microsoft® Hyper-V™, offering advanced virtualization management capabilities for Microsoft Windows Server® 2008 Hyper-V to help customers create highly scalable, manageable and agile virtual infrastructures; and,
  • Announced an agreement with Intel Corporation to develop the industry’s first application and desktop delivery solutions optimized for Intel® Core™2 desktops and Centrino® 2 laptops with Intel® vPro™ technology based on Xen® technology.

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. In addition, an audio replay of the conference call will be available for approximately thirty days by dialing (800) 642–1687 or (706) 645–9291 (passcode required: 93269861).

About Citrix
Citrix Systems, Inc. (NASDAQ: CTXS) is the global leader and the most trusted name in application delivery infrastructure. More than 230,000 organi­zations worldwide rely on Citrix to deliver any application to users anywhere with the best performance, highest security and lowest cost. Citrix customers include 100% of the Fortune 100 companies and 99% of the Fortune Global 500, as well as hundreds of thousands of small businesses and prosumers. The Citrix Partner Network has approximately 10,000 partners in more than 100 countries. Annual revenue in 2008 was $1.6 billion.

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 president and chief executive officer, statements contained in the Financial Outlook for Second Quarter 2009 and Fiscal Year 2009 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, 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; the company’s product concentration and its ability to develop and commercialize new products and services while maintaining growth in its core products; failure to execute Citrix’s sales and marketing plans; failure to successfully partner with key distributors, resellers, 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; Citrix’s and Microsoft’s ability to develop and market application delivery and virtualization products; the introduction of new products by competitors or the entry of new competitors into the markets for Citrix’s products; failure to further develop and successfully market the technology and products of acquired companies, including the possible failure to achieve or maintain anticipated revenues and profits from acquisitions; the management of anticipated future growth and the recruitment and retention of qualified employees, including those of acquired companies, and any disruptions due to changes in key personnel; risks in effectively controlling operating expenses, including failure to achieve anticipated cost savings from Citrix’s restruc­turing program and other cost reduction initiatives; impairment of the value of the company’s inves­tments; the effect of new accounting pronouncements on revenue and expense recognition; litigation; changes in the company’s pricing policies or those of its competitors; charges in the event of the impairment of assets acquired through business combinations and licenses; competition and other risks associated with the markets for our Web-based access, collaboration and customer assistance services and for our Web application delivery appliances; 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.

Use of Non-GAAP Financial Measures
In our earnings release, conference call, slide presentation or webcast, we may use or discuss non-GAAP financial measures as defined by SEC Regulation G. The GAAP financial measure most directly comparable to each non-GAAP financial measure used or discussed and a reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure are included in this press release after the condensed consolidated financial statement and can be found on the Investor Relations page of the Citrix corporate Web site at http://www.ci­trix.com/inves­tors.

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