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Citrix Reports Third Quarter Financial Results

(2) License updates and maintenance is comprised of license updates, hardware and software maintenance and technical support.

(3) Professional services is comprised of consulting services and product training and certification.

(b) During the first quarter of 2012, Citrix revised its methodology for allocating certain IT support costs to more closely align these costs to the employees directly utilizing the related assets and services. As a result, certain IT support costs have been reclassified from general and administrative expenses to cost of services and maintenance revenues, research and development expenses and sales, marketing and services expenses based on the headcount in each of these functional areas. This change in manner of presentation does not affect the company's income from operations or cash flows. Conforming changes related to (b) have been made for the prior period presented, as follows:

 
Three Months Ended September 30, 2011
As Previously Reported Amount Reclassified As Reported Herein
Cost of services revenues $ 39,711 $ 2,954 Cost of services and maintenance revenues $ 42,665
Research and development 88,933 7,743 Research and development 96,676
Sales, marketing and services 212,985 10,982 Sales, marketing and services 223,967
General and administrative   77,586   (21,679 ) General and administrative   55,907
Total $ 419,215 $ -   Total $ 419,215
 
Nine Months Ended September 30, 2011
As Previously Reported Amount Reclassified As Reported Herein
Cost of services revenues $108,283 $ 8,462 Cost of services and maintenance revenues $ 116,745
Research and development 254,963 23,635 Research and development 278,598
Sales, marketing and services 606,587 34,320 Sales, marketing and services 640,907
General and administrative 229,387   (66,417 ) General and administrative   162,970
Total $1,199,220 $ -   Total $ 1,199,220

   

CITRIX SYSTEMS, INC.

Condensed Consolidated Balance Sheets

(In thousands - unaudited)

 

 

September 30, 2012

 

December 31, 2011

ASSETS:
Cash and cash equivalents $ 324,127 $ 333,296
Short-term investments 358,920 406,461
Accounts receivable, net 456,545 484,431
Inventories, net 10,961 8,507
Prepaid expenses and other current assets 124,723 95,419
Current portion of deferred tax assets, net   44,238       44,916  
Total current assets 1,319,514 1,373,030
 
Long-term investments 723,205 737,844
Property and equipment, net 295,934 277,429
Goodwill 1,504,373 1,239,120
Other intangible assets, net 575,024 343,372
Long-term portion of deferred tax assets, net 3,372 67,479
Other assets   67,731       61,267  
Total assets $ 4,489,153     $ 4,099,541  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Accounts payable $ 68,214 $ 58,034
Accrued expenses and other current liabilities 234,763 223,136
Current portion of deferred tax liabilities, net 102 79,318
Current portion of deferred revenues   862,795       818,642  
Total current liabilities 1,165,874 1,179,130
 
Long-term portion of deferred revenues 190,358 141,241
Long-term portion of deferred tax liabilities, net 67,358 20,247
Other liabilities 29,525 28,433
 
Stockholders' equity:
Common stock 287 283
Additional paid-in capital 3,643,127 3,385,053
Retained earnings 2,449,989 2,211,471
Accumulated other comprehensive loss (10,133 ) (11,561 )
Less – common stock in treasury, at cost   (3,047,232 )     (2,854,756 )
Total stockholders' equity   3,036,038       2,730,490  
Total liabilities and stockholders’ equity $ 4,489,153     $ 4,099,541  
 

   

CITRIX SYSTEMS, INC.

Condensed Consolidated Statement of Cash Flows

(In thousands - unaudited)

 
Three Months Ended September 30, 2012 Nine Months Ended September 30, 2012
OPERATING ACTIVITIES
Net Income $ 78,245 $ 238,518
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and depreciation 58,710 154,055
Stock-based compensation expense 40,103 108,922
Provision for accounts receivable allowances 2,709 9,532
Other non-cash items   (7,803 )   (13,952 )
Total adjustments to reconcile net income to net cash provided by operating activities 93,719 258,557
 
Changes in operating assets and liabilities, net of the effects of acquisitions:
Accounts receivable (414 ) 70,485
Inventory (3,108 ) (2,163 )
Prepaid expenses and other current assets 4,644 (27,114 )
Other assets 3,206 2,392
Deferred tax assets, net (3,778 ) 11,142
Accounts payable (10,206 ) (7,051 )
Accrued expenses and other current liabilities 13,218 18,226
Deferred revenues 4,336 72,816
Deferred tax liabilities, net 991 (43,733 )
Other liabilities   139     (269 )
Total changes in operating assets and liabilities, net of the effects of acquisitions   9,028     94,731  
Net cash provided by operating activities 180,992 591,806
 
INVESTING ACTIVITIES
(Purchases) proceeds from available-for-sale investments, net (339,809 ) 58,033
Proceeds from sales of cost method investments 14,938 21,413
Purchases of property and equipment (36,043 ) (87,290 )
Purchases of other assets (2,602 ) (5,149 )
Cash paid for acquisitions, net of cash acquired (405,969 ) (488,347 )
Cash paid for licensing and core technology (2,277 ) (14,277 )
Other   3,450     3,450  
Net cash used in investing activities (768,312 ) (512,167 )
 
 
FINANCING ACTIVITIES
Proceeds from issuance of common stock under stock-based compensation plans
compensation plans 34,307 95,796
Repayment of acquired debt (16,609 ) (24,346 )
Excess tax benefit from exercise of stock options 7,997 31,976
Stock repurchases, net (77,417 ) (192,475 )
Other   -     1,050  
Net cash used in financing activities   (51,722 )   (87,999 )
Effect of exchange rate changes on cash and cash equivalents 1,329 (809 )
Change in cash and cash equivalents   (637,713 )   (9,169 )
Cash and cash equivalents at beginning of period   961,840     333,296  
Cash and cash equivalents at end of period $ 324,127   $ 324,127  
 




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