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Citrix Reports 2012 Fourth Quarter And Fiscal Year Financial Results

Citrix® is a trademarks or registered trademarks 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

December 31,

  Year Ended

December 31,

  2012     2011     2012     2011
Revenues:    
Product and licenses $ 268,674 $ 229,047 $ 830,645 $ 744,513
Software as a service 135,421 114,404 511,323 430,213
License updates and maintenance (a) 302,981 248,410 1,125,094 940,181
Professional services (a)   32,920   27,505   119,061   91,485
Total net revenues 739,996 619,366 2,586,123 2,206,392
 
Cost of net revenues:
Cost of product and licenses revenues 33,086 19,559 96,962 74,393
Cost of services and maintenance revenues (b) 60,822 47,720 227,150 164,465
Amortization of product related intangible assets   23,460   14,821   80,025   54,741
Total cost of net revenues 117,368 82,100 404,137 293,599
Gross margin 622,628 537,266 2,181,986 1,912,793
 
Operating expenses:
Research and development (b) 122,208 102,076 450,571 380,674
Sales, marketing and services (b) 287,097 244,159 1,060,829 885,066
General and administrative (b) 58,852 50,703 245,259 213,673
Amortization of other intangible assets 9,050 4,514 34,549 16,390
Restructuring   -   -   -   24
Total operating expenses   477,207   401,452   1,791,208   1,495,827
 
Income from operations 145,421 135,814 390,778 416,966
 
Other income, net   3,815   2,732   19,451   13,531
Income before income taxes 149,236 138,546 410,229 430,497
 
Income tax expense   35,207   29,847   57,682   74,867
Net income 114,029 108,699 352,547 355,630
Net loss attributable to non-controlling interest   -   -   -   692
Net income attributable to Citrix Systems, Inc. $ 114,029 $ 108,699 $ 352,547 $ 356,322
 
Earnings per common share – diluted $ 0.60 $ 0.58 $ 1.86 $ 1.87
Weighted average shares outstanding – diluted   188,662   188,588   189,129   190,641

Certain fiscal year 2012 reclassifications have been reflected retroactively to provide comparability.

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