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Citrix Reports Third Quarter Financial Results

Citrix (NASDAQ:CTXS) today reported financial results for the third quarter of fiscal 2012 ended September 30, 2012.

FINANCIAL RESULTS

In the third quarter of fiscal 2012, Citrix achieved revenue of $641 million, compared to $565 million in the third quarter of fiscal 2011, representing 13 percent revenue growth.

GAAP Results

Net income for the third quarter of fiscal 2012 was $78 million, or $0.41 per diluted share, compared to $92 million, or $0.49 per diluted share, for the third quarter of 2011.

Non-GAAP Results

Non-GAAP net income in the third quarter of fiscal 2012 was $128 million, or $0.68 per diluted share, compared to $121 million, or $0.64 per diluted share, for the third quarter of 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.

“We executed well in Q3 in spite of the macro factors creating heightened uncertainty around IT spending,” said Mark Templeton, president and chief executive officer for Citrix. “We continue to see a fundamental transformation of IT taking place. And Citrix remains in a great position as customers prioritize their investments for a world shaped by mobile workstyles and cloud services.”

Q3 Financial Summary

In reviewing the results from the third quarter of 2012, compared to the third quarter of 2011:
  • Product and licenses revenue increased 1 percent;
  • Software as a service revenue increased 18 percent;
  • Revenue from license updates and maintenance increased 19 percent;
  • Professional services revenue, which is comprised of consulting, product training and certification, increased 34 percent;
  • Revenue increased in the EMEA region by 20 percent, increased in the Pacific region by 17 percent, and increased in the America’s region by 7 percent;
  • Deferred revenue totaled $1.05 billion, compared to $834 million as of September 30, 2011;
  • Cash flow from operations was $181 million, compared with $188 million in the third quarter of 2011;
  • GAAP operating margin was 13 percent for the quarter and non-GAAP operating margin was 24 percent for the quarter, excluding the effects of amortization of acquired intangible assets and stock-based compensation expenses; and
  • The company repurchased 1.0 million shares at an average price of $76.28.

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