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.

« First ‹ Previous ... 2 3 4 5 6 7 8 9 10 Next › Last »