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Citrix Reports 2012 Fourth Quarter And Fiscal Year 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 fiscal year 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 periods presented, as follows:

   

Three Months Ended

December 31, 2011

   
As Previously Reported   Amount Reclassified   As Reported Herein
Cost of services revenues $ 44,780 $ 2,940

Cost of services and

maintenance revenues

$ 47,720
Research and development 88,764 13,312 Research and development 102,076

Sales, marketing and

services

233,231 10,928

Sales, marketing and

services

244,159
General and administrative   77,883     (27,180 ) General and administrative   50,703
Total $ 444,658   $ -   Total $ 444,658

 

 

Year Ended

December 30, 2011

 

As Previously Reported

 

Amount

Reclassified

 

As Reported Herein

Cost of services revenues   $153,063 $ 11,402

Cost of services and maintenance

revenues

  $ 164,465
Research and development 343,727 36,947 Research and development 380,674
Sales, marketing and services 839,818 45,248 Sales, marketing and services 885,066
General and administrative 307,270     (93,597 ) General and administrative   213,673
Total $1,643,878   $ -   Total $ 1,643,878

CITRIX SYSTEMS, INC.
Condensed Consolidated Balance Sheets
(In thousands - unaudited)
 

 

 

December 31, 2012

 

December 31, 2011

ASSETS:
Cash and cash equivalents $ 643,609 $ 333,296
Short-term investments 285,022 406,461
Accounts receivable, net 630,956 484,431
Inventories, net 10,723 8,507
Prepaid expenses and other current assets 106,579 95,419
Current portion of deferred tax assets, net   30,506     44,916  
Total current assets 1,707,395 1,373,030
 
Long-term investments 595,313 737,844
Property and equipment, net 303,294 277,429
Goodwill 1,518,219 1,239,120
Other intangible assets, net 556,205 343,372
Long-term portion of deferred tax assets, net 16,616 67,479
Other assets   66,539     61,267  
Total assets $ 4,763,581   $ 4,099,541  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Accounts payable $ 71,116 $ 58,034
Accrued expenses and other current liabilities 256,259 214,836
Income taxes payable 49,346 8,300
Current portion of deferred tax liabilities, net 876 79,318
Current portion of deferred revenues   965,276     818,642  
Total current liabilities 1,342,873 1,179,130
 
Long-term portion of deferred revenues 232,719 141,241
Long-term portion of deferred tax liabilities, net 30,839 20,247
Other liabilities 35,373 28,433
 
Stockholders' equity:
Common stock 287 283
Additional paid-in capital 3,691,111 3,385,053
Retained earnings 2,564,018 2,211,471
Accumulated other comprehensive loss (7,705 ) (11,561 )
Less – common stock in treasury, at cost   (3,125,934 )   (2,854,756 )
Total stockholders' equity   3,121,777     2,730,490  
Total liabilities and stockholders’ equity $ 4,763,581   $ 4,099,541  

CITRIX SYSTEMS, INC.
Condensed Consolidated Statement of Cash Flows
(In thousands - unaudited)
 
 

Three Months

Ended

December 31,

2012

 

Year Ended

December 31,

2012

OPERATING ACTIVITIES
Net Income $ 114,029 $ 352,547
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and depreciation 60,818 214,873
Stock-based compensation expense 41,018 149,940
Deferred income tax benefit (70,791 ) (70,791 )
Provision for accounts receivable allowances 2,995 12,527
Other non-cash items   (7,154 )   (21,106 )
Total adjustments to reconcile net income to net cash 26,886 285,443
provided by operating activities
Changes in operating assets and liabilities, net of the effects of acquisitions:
Accounts receivable (178,113 ) (107,628 )
Inventory 139 (2,024 )
Prepaid expenses and other current assets 17,919 (9,195 )
Other assets (3,889 ) (1,497 )
Accounts payable 6,625 (426 )
Accrued expenses and other current liabilities 23,084 45,135
Deferred revenues 143,982 216,798
Income taxes, net 75,420 39,004
Other liabilities   639     370  
Total changes in operating assets and liabilities, net of the effects of acquisitions   85,806     180,537  
Net cash provided by operating activities 226,721 818,527
 
INVESTING ACTIVITIES
Proceeds from available-for-sale investments, net 200,886 258,919
Proceeds from sales of cost method investments 2,839 24,252
Purchases of property and equipment (35,668 ) (122,958 )
Purchases of other assets (1,473 ) (6,622 )
Cash paid for acquisitions, net of cash acquired 1,126 (487,221 )
Cash paid for licensing and core technology (13,483 ) (27,760 )
Other   -     3,450  
Net cash provided by (used in) investing activities 154,227 (357,940 )
 
 
FINANCING ACTIVITIES
Proceeds from issuance of common stock under stock-based compensation plans
compensation plans 12,610 108,406
Repayment of acquired debt - (24,346 )
Excess tax benefit from exercise of stock options 3,398 35,374
Stock repurchases, net (78,703 ) (271,178 )
Other   912     1,962  
Net cash used in financing activities   (61,783 )   (149,782 )
Effect of exchange rate changes on cash and cash equivalents 317 (492 )
Change in cash and cash equivalents   319,482     310,313  
Cash and cash equivalents at beginning of period   324,127     333,296  
Cash and cash equivalents at end of period $ 643,609   $ 643,609  

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, stock-based compensation expenses and the related tax effect of those items. The Company's basis for these adjustments is described below.

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